Weekly Store Openings and Closures Tracker #10: Sears Closing More Stores
KEY POINTS
Fung Global Retail & Technology tracks store openings and closures for a select group of US retailers.
- This week, the Retail Dive reported that in addition to the 160 store closures already announced earlier this year, Sears Holdings will be closing 66 more stores—of which 49 are Kmart and 17 are Sears stores. No official comment has been issued by Sears yet.
- Year-to-date 2017, the number of store closure announcements has increased 186% year over year, bringing the total count to 4,789, with more to surely follow.
- In last week’s edition of this report, we updated the number of stores that Dollar General is set to open in FY17 to 1,290, from the previously expected 1,000. The 290 new stores will be added by converting acquired store locations in 36 states from a multi-price point retailer.
2017 Store Openings and Closures
What is happening this week?
After the frenzied store closing activity last week, this week looks to be relatively calmer for the retail industry. Some 66 stores have been added to the list of stores being closed, all belonging to Sears Holdings, under the brand names of Sears and Kmart. In the meantime, Dollar General will add 290 more stores after completing an approved acquisition of store locations from a small-box, multi-price point retailer in 36 states.
Sears Reportedly to be Closing 66 More Stores
49 Kmart and 17 Sears stores will likely be added to the latest round of closures for Sears Holdings, which has already announced 160 closings this year. The number of stores set to be shuttered now totals 226. The news was reported by Retail Dive, but no official comment has been made by Sears thus far.
Dollar General Expanding Retail Footprint
Pursuant to the report on Dollar General’s revised store count guidance last week, its management has now shed more light on the situation. The discounter received approval from the Federal Trade Commission in April for the proposed acquisition of 322 stores in 36 states from a small-box, multi-price point retailer. Approximately 290 stores will reemerge under the Dollar General banner, and the retailer revised its store opening count guidance for 2017 to 1,290, up from the 1,000 announced earlier in the year.
2016 Store Openings and Closures
