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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 2018, the number of US store closure announcements stands at 4,379 and the number of store openings is 2,367.

US Store Openings:

  • Casper Sleep is opening 200 stores in the next three years.
  • BCBG Max Azria opened a new store in Soho, New York City.
  • JCPenney plans to open 500 baby shops starting August 30.

US Bankruptcies and Mergers:

  • Samuels Jewelers has filed for bankruptcy.
  • Albertsons and Rite Aid have cancelled a $24 billion merger plan.

Year to date in the UK, there have been 1,196 store closure announcements and 657 store opening announcements.

UK Store Closures:

  • Homebase plans to close 42 stores.
  • Seven Marks & Spencer clothing stores will close this Saturday.

UK Store Openings: 

  • B&M plans to open at least 45 net new stores this financial year.
  • Acuitis will open 40 practices in two years.
  • Screwfix opened 10 stores in the first quarter of 2018.

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

Year-to-date 2018, the number of US store closure announcements stands at 4,379 and the number of store openings is 2,367.

What Is Happening this Week in the US? 

Casper Sleep to Open 200 stores 

Online mattress seller Casper Sleep plans to open 200 stores across North America in the next three years, including 18 pop-ups to be made permanent and the other stores located in top malls. The company will also set up its Canadian headquarters in Toronto this year after establishing the brand’s store presence in the city. 

BCBG Max Azria Opens a New Store in SoHo, New York City

BCBG Max Azria, currently under the ownership of Marquee Brands and Global Brands Group after its bankruptcy in 2017, opened a new store in New York City’s SoHo neighborhood with a modern store concept and layout. This iconic fashion brand’s original flagship on Fifth Avenue in Manhattan continues to operate at its current site. 

JCPenney to Open 500 baby stores

JCPenney is opening 500 baby shops starting August 30 to fill the void after the Babies”‘R”Us bankruptcy. Its new shops will feature updated graphics and signage with new categories offered such as baby furniture and clothing from brands, such as Carter’s and Gerber, apart from its traditional offerings of cribs, high chairs, strollers and car seats. JCPenney has not announced the pace of its store openings. We assume the retailer will open 100 stores by the end of this year. 

Non-Store-Closure News

Samuels Jewelers Files for Bankruptcy

Samuels Jewelers, a jewelry retailer, has filed for Chapter 11 bankruptcy owing to significant debt load. The company, owned by the Indian jewelry retailer Gitanjali Group, has more than $100 million in debts and has been selling off inventory to settle these debts. The bank fraud scandal of the Gitanjali Group’s founder Mehul Choksi who previously controlled Samuels Jewelers and is currently wanted by Indian authorities, has added fuel to the company’s quandary.

Albertsons and Rite Aid Cancel Merger

Grocery retailer Albertsons and pharmacy company Rite Aid cancelled their merger plan worth $24 billion, as Rite Aid shareholders voiced concerns that the company was being undervalued, as they would only be given a stake of around 30% after the proposed merger. On the other hand, some Albertsons shareholders were hesitant about Rite Aid’s performance, which ultimately led to the withdrawal of the $24 billion offer.

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

Year to date in the UK, there have been 1,196 store closure announcements and 657 store opening announcements. 

What Is Happening this Week in the UK?

Homebase to Close 42 Stores

DIY retailer Homebase has announced plans to close 42 stores over the next 16 months. Restructuring company Hilco, which bought Homebase for £1 in May, confirmed it was planning a company voluntary arrangement (CVA). A total of 17 Homebase stores have already shut this year.

Seven More M&S Stores to Close 

Seven Marks & Spencer clothing stores will close their doors for the last time this Saturday, as the retailer pushes ahead with a radical transformation plan. The latest round of closures comes after 21 stores were wound up by M&S. The retailer announced in May that it plans to close 100 stores by 2022.

B&M to Open at Least 45 Stores 

B&M, a leading retailer which sells a broad range of product categories and non-grocery products, plans to open at least 45 net new stores this financial year (April 1, 2018 to April 1, 2019). The company also expects to open between 15 and 20 Heron Foods stores and 10 Jawoll stores during the financial year.

Acuitis to Open 40 Practices in Two Years 

Acuitis, the French opticians, has announced plans to expand its UK presence with more than 40 practices opening over the next two years. Acuitis has appointed retail design agency Blackdog to develop its strategy and communications during the expansion.

Screwfix Opens 10 Stores

Hardware chain Screwfix, which is owned by B&Q parent company Kingfisher, opened 10 stores in 1Q (February 1 –April 30) in both the UK and Ireland in 2018. We estimate that the company opened eight stores in the UK. During February 1 2017–31 January 2018, the company opened 60 Screwfix outlets in the UK. The company estimates there is a market for about 750 stores in the UK. 

2017 Major UK Store Openings and Closures

 


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