Coresight Research tracks store openings and closures for a select group of retailers in the US and the UK, as well as major US store bankruptcies.
- Year-to-date (YTD) 2018, the number of US store closure announcements stands at 4,612 and the number of store openings is 2,639.
- Michael Kors is acquiring Versace for $2.12 billion.
- YTD in the UK, there have been 1,256 store closure announcements and 757 store opening announcements.
- Poundland is opening 20 new stores in former Poundworld locations.
- French Connection is closing eight stores.
Coresight Research tracks news about store closures and openings, bankruptcies and management changes. Our Weekly Store Openings and Closures Tracker focuses on department stores and specialty retail, including, but not limited to, softlines, hardlines, consumer electronics, grocery and furniture.
2018 Major US Store Openings and Closures
YTD 2018, the number of US store closure announcements stands at 4,612 and the number of store openings is 2,639.
What Is Happening this Week in the US?
Ascena Retail to Close a Further 197–247 Stores by July 2019
Women’s clothing retailer Ascena Retail plans to close approximately 5% of its fiscal 2018 year-end store fleet by July 2019, the company said in its fourth quarter results released on September 24. This will drop its store count to the range of 4,375–4,425 from the current 4,622. The company closed 27 stores in its third quarter ended April 28 and 42 stores in its fourth quarter ended August 4.
Michael Kors to Acquire Versace for $2.12 Billion
US luxury fashion group Michael Kors announced on September 25 that it is acquiring Italian luxury fashion house Versace for €1.83 billion ($2.12 billion). The deal is expected to close in the fourth quarter of fiscal year 2018, which is the first quarter of calendar year 2019, after which Michael Kors Holdings will rebrand to Capri Holdings Limited. Michael Kors CEO John D Idol, Versace CEO Jonathan Akeroyd, and Versace’s chief designer and VP Donatella Versace will continue in their present roles. Michael Kors announced plans to increase Versace’s global retail footprint, aiming to expand its store network from 200 to 300 stores.
Bloomingdale’s to Launch In-Store Beauty Boutique
Department store chain Bloomingdale’s announced that it will launch a “clean-beauty boutique” called Wellchemist in its flagship store on 59th Street, New York. The in-store beauty concept will also open at nine other locations in September. Wellchemist will incorporate 30 new beauty brands, which are chemical-free and in line with the company’s aim of promoting natural beauty products. Stacie Borteck, Bloomingdale’s VP and divisional merchandise manager of cosmetics, said that “The boutique will give our beauty shoppers a place to discover and experience the most advanced science-based solutions and clean beauty offerings.”
Year-to-Date 2018 Major US Store Bankruptcies
2017 Major US Store Openings and Closures
2017 Major US Store Bankruptcies
2018 Major UK Store Openings and Closures
YTD in the UK, there have been 1,256 store closure announcements and 757 store opening announcements.
What Is Happening this Week in the UK?
Poundland to Open 20 Stores at Former Poundworld Locations
UK-based variety store chain Poundland will open up to 20 stores at former Poundworld store locations, stepping up its expansion across England and Scotland. The company will feature its value fashion brand Pep&Co in eight of these new stores along with its general merchandise and food offer. The stores will initially open in Edinburgh, Killingworth, East Kilbride and Ayr, the last two locations will incorporate Pep&Co shop-in-shops.
French Connection to Close Eight Stores
Fashion clothing retailer French Connection stated in its half-year report that it plans to close eight stores this year, two of which had already been closed in the first half. The company stated that it is actively reviewing its retail portfolio and the underlying lease contracts of non-performing stores in order to exit those stores. Stephen A. Marks, founder, chairman and CEO of the company said that “We remain on target to return the business to profitability this year and we will be doing everything we can to ensure that happens.”
Next Closed 22 Stores in the UK
British retailer Next has closed 22 stores—15 mainline and 7 clearance—in the first fiscal half, the company reported in its results released on September 25. Next made an average branch profit of 13% with its mainline store closures. The retailer also said that it might close 25 more stores which are reaching the end of their leases this year.
2017 Major UK Store Openings and Closures