Weekly Store Openings and Closures Tracker #20: Target Store Redesign Plans on Track; VF Acquires Williamson-Dickie

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KEY POINTS

Fung Global Retail & Technology tracks store openings and closures for a select group of US retailers.

  • We forecast that announced store closures will total 9,452 by the end of 2017, exceeding the 6,164 stores closed in 2008, and representing a year-over-year increase of 361%. The 5,630 store closures announced year to date are tracking at 60% of our full-year forecast.
  • This week, Target management reiterated its goal of transforming more than 600 stores as well as opening 100 new small-format stores over a three-year period.
  • VF Corporation announced it has entered into a definitive agreement to acquire Williamson-Dickie Manufacturing Co.
  • Year-to-date 2017, the number of store closure announcements has increased 175% year over year, bringing the total number of stores to be closed to 5,630, with more to surely follow.

2017 Store Openings and Closures

What Is Happening this Week?         

Target’s management reiterated its goal of transforming more than 600 stores, including more than 100 stores in 2017, as well as opening 100 new small-format stores over a three-year period. VF Corporation announced it has come to a definitive agreement to acquire Williamson-Dickie Manufacturing Co. for $820 million in cash.

 

Target Reiterates Its Goal to Remodel 600 Stores and Open 100 Small-Format Stores

Target’s management reiterated its goal of redesigning its stores during its fiscal second quarter 2018 earnings call. The goal is to transform more than 600 stores over a three-year period, including more than 100 stores in 2017. The company is also on track to open more than 100 new small-format stores in dense urban, suburban and college campus neighborhoods over a three-year period.

 

VF Corporation to Acquire Williamson-Dickie Manufacturing Co. for $820 Million

On August 14, VF Corporation, a branded lifestyle apparel and footwear company, announced it would acquire workwear company Williamson-Dickie Mfg. Co. for approximately $820 million in cash. The transaction is expected to be completed in the fourth quarter of 2017. VF Corp. management said the deal will help to drive transformative growth for the company, as outlined in its 2021 global business strategy announced in early 2017. Williamson-Dickie brands include Dickies, Workrite, Kodiak, Terra and Walls.

 

2017 Store Openings and Closures

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2016 Store Openings and Closures

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