Fung Global Retail & Technology tracks store openings and closures for a select group of US retailers.
What Is Happening This Week?
Ralph Lauren is on track to close 20%–25% of its store concessions in US department stores by the second half of fiscal year 2018, according to management. Abercrombie & Fitch opened a new A&F store concept, which features a shop-in-shop experience to enhance consumer engagement. Mackage, an outerwear brand based in Canada, plans to operate 25 stores in the next five years across North America. Payless is set to emerge from bankruptcy and has already closed around 700 mostly mall-based US stores. Finally, Callaway Golf announced that it would acquire TravisMathew for $125.5 million in an all-cash transaction.
Ralph Lauren on Track to Close 20%–25% of its US Department-Store Concessions by the Second Half of Fiscal Year 2018
Ralph Lauren is on track to close 20%–25% of its US department store concessions by the second half of fiscal year 2018, according to company CEO Jane Nielsen on the fiscal first quarter 2018 earnings call. As of the end of the fiscal first quarter, the company is already halfway through these closures. Since the stores to be closed are department-store concessions, this was not reflected in our store closure tracker.
Abercrombie & Fitch Launches New Store Concept in Virginia
Abercrombie & Fitch opened its new A&F store concept in Virginia this week. The new concept includes a shop-in-shop featuring suite-like fitting rooms, which enable customers to share new looks with friends. There is also a section in-store for customers to pick up online orders. This is one of seven new concept stores that will open by the end of 2017.
Rodd & Gunn Opens Third Store
New Zealand men’s brand Rodd & Gunn is set to open its third store this week. The company has plans to open two more stores on the East Coast and one more on the West Coast in October. Rodd & Gunn is on track to open 8–10 stores by the end of 2018.
Mackage Targets North America for Store Openings
Mackage, an outerwear brand based in Canada, plans to operate 25 stores in the next five years across North America. According to Mackage Cofounder Elisa Dahan, the company is looking for locations for possible store openings in cities such as Chicago, New York, Los Angeles and San Francisco.
Payless Emerges from Bankruptcy
Payless is set to emerge from bankruptcy after disposing of half of its $847 million of debt, according to Reuters. The company has closed roughly 700 stores, which are mostly in the US, during its bankruptcy, according to the court papers. The company plans to open four mega stores in the US and abroad. In the coming years, Payless will continue to focus on the US market, while opening more stores in Latin America and Asia.
Callaway Golf to Acquire TravisMathew Apparel
Callaway Golf, a global golf equipment company, announced that it has entered into a definitive agreement to acquire golf apparel company TravisMathew for $125.5 million in an all-cash transaction. The acquisition is expected to close in the third quarter of 2017.