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.
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.
Year-to-date 2018, the number of US store closure announcements stands at 4,123 and the number of store openings is 1,884.
Shoe Carnival to Close 20–25 Stores in 2018
Family footwear retailer Shoe Carnival announced it would close 20–25 stores and open three stores in 2018, despite an increase in profits. The retailer did not specify which stores would be closed. Last year, the company closed 26 stores and opened 19 new stores.
Hudson’s Bay Co. to Close 10 Lord & Taylor Stores by the End of 2019
Canadian retail group Hudson’s Bay Co. (HBC) plans to close up to 10 Lord & Taylor stores through 2019, including the iconic flagship on Fifth Avenue in Manhattan. When the retailer agreed to sell the building on Fifth Avenue to shared-work space company WeWork for US$850 million in October 2017, it had planned to keep a Lord & Taylor presence in the building. Management noted that it is increasing its focus on Lord & Taylor’s digital business as it optimizes and decreases the banner’s brick-and-mortar footprint. Coresight Research estimates three stores will be closed in 2018 and seven in 2019.
Walmart to Divest Its Brazil Operations
Walmart announced it would sell an 80% stake in its Brazil operation to private-equity firm Advent International. The transaction is expected to close later this year, subject to regulatory approval in Brazil. Last year, Walmart was reportedly mulling whether to ramp up its operations in Brazil to invigorate sales with a $320 million investment over three years.
Year to date in the UK, there have been 850 store closure announcements and 616 store opening announcements.
Maplin to Shutter the Last of its 219 Stores by July
In the UK, bankrupt electronics retailer Maplin has not officially announced the closure of all of its stores, but according to sources familiar with the situation, the company will shutter the last of its 219 stores by July. Meanwhile, Buy It Direct, which operates online brands including Laptops Direct, Direct TVs, Appliances Direct and Furniture 123 made a bid to buy the collapsed retailer. Seeing value in the brand, Nick Glynne, Managing Director of Buy It Direct, said the company plans to set up a new Maplin-branded website to sell products “in the gap between PC World and Amazon to sell these products in a jargon-free way.”
As we go to press, House of Fraser has confirmed plans for a Company Voluntary Arrangement that would see it close 31 of its 59 UK stores by early 2019. House of Fraser will seek approval from its creditors for the plan on June 22.