Fung Global Retail & Technology tracks store openings and closures for a select group of retailers.
What Is Happening this Week in the US?
Sears announced that it will be closing 28 more Kmart stores by the end of this year. This is in addition to the 150 Sears and Kmart stores that are set to be closed by the end of the third quarter this year, and the 180 stores that have already been closed.
Kohl’s to Open Small-Format Stores and Reduce the Size of Three Existing Stores
Kohl’s announced that it is opening four small-format stores, while reducing the size of three existing stores. The company will continue to focus on its omnichannel strategy by investing in smaller retail formats and its e-commerce fulfillment network in order to enhance its engagement with customers and efficiency in distribution.
DTLR and Villa Complete Merger
US footwear and apparel retailer DTLR and urban lifestyle retailer Villa completed their merger earlier this week. The merged retailers will operate around 240 stores, which include 107 DTLR stores and 120 Villa stores, spanning across 19 US states.
The FTC Approves Amazon’s Purchase of Whole Foods Market
The Federal Trade Commission (FTC) approved Amazon’s purchase of Whole Foods Market in a deal valued at $13.7 billion, earlier this week. The deal is expected to be finalized by the end of this year.
Starting this week, we are expanding our coverage of store openings and closings to include the UK market.
The Works—a retailer of arts and crafts, books, toys and stationery—plans to open 60 new locations over the next year as it ramps up its ambitious expansion plans. The announcement comes on the back of CEO Kevin Keaney telling Retail Week in July that the company could eventually open 1,000 stores. The Works currently has 398 stores across the UK and plans to increase the store count to 650 by 2022. The value retailer will create 600 jobs across the new stores, in which it is investing £5.3 million. The Works will also invest £1 million into rebranding and refurbishing existing stores, as it seeks to maintain its current momentum.