Fung Global Retail & Technology tracks store openings and closures for a select group of retailers in the US, and, beginning last month, in the UK as well.
What Is Happening this Week in the US?
Gap to Close 200 Stores, but Open 270 Old Navy and Athleta Stores
Gap announced plans to close 200 underperforming Gap and Banana Republic stores, but will open 270 Old Navy and Athleta stores, over the next three years. The company estimates it will save about $500 million in expenses over the next three years, and plans to reinvest a portion of that savings in its growth initiatives, including fulfillment capacity, loyalty, personalization, omnichannel services, artificial intelligence (AI) and other data-driven customer experiences.
Dick’s Sporting Goods to Open 10 New Stores
Dick’s Sporting Goods announced it will be opening eight new Dick’s Sporting Goods stores and two new Field & Stream stores in the first half of September, putting it on track to open a total of 43 stores across the country in 2017.
Urban Outfitters Plans to Close Eight to Nine Stores this Year
Urban Outfitters’s management said at the Goldman Sachs Annual Global Retailing Conference held this week, that it would be closing eight to nine stores this year—their contracts are up for renewal, but the landlords have not adjusted their expectations. The company expects the number of store closures to be slightly higher next year.
Toys“R”Us Considers Filing for Bankruptcy as it Undergoes Debt Restructuring
Toys“R”Us has hired a law firm to help with the restructuring of around $5 billion in debt, of which approximately $400 million is due in 2018. One of the options under consideration is filing for bankruptcy. The company said it would provide an update on the debt restructuring during its second quarter earnings call scheduled for September 26.
M&Co Plans to Open Between 60 and 75 Stores by 2022
M&Co announced plans to open between 60 and 75 stores in the UK by 2022. Currently there are 300 stores operating worldwide. The company opened 14 new stores, while closing eight loss-making locations last year.