Weekly Store Openings and Closures Tracker #27: Costco Opens 25 Stores Net in FY18; Greggs Opens 100 Stores Net

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KEY POINTS

FGRT tracks store openings and closures for a select group of retailers in the US and the UK.

  • Year-to-date 2017, the number of store closure announcements has increased 183% year over year, bringing the total number of stores to be closed to 6,101.
  • Costco plans to open 25 new warehouses net in the next fiscal year.
  • Gymboree has completed a financial restructuring.
  • Year to date in the UK, there have been 662 store closure announcements from major retailers, significantly lower on a year-over-year basis. The 741 store openings, however, are a slight increase compared to 2016.
  • Greggs expects to open 140–150 shops and close 40–50 in 2017.
  • ScS Group plans to open a new store on boxing day 2017.

2017 Major US Store Openings and Closures

FGRT has a dedicated team tracking 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 and furniture.

 

What Is Happening this Week in the US?      

Costco Plans to Open 25 Net New Warehouses In the Next Fiscal Year

Costco plans to open 25 net new stores in the next fiscal year, about two-thirds of which will be located in the US. Year to date, Costco opened 18 new units net, mostly in the US.

 

Gymboree Completes Financial Restructuring

Gymboree announced that it has completed its financial restructuring and emerged from Chapter 11 bankruptcy. The company has established a more sustainable capital structure by eliminating more than $900 million of debt and right-sizing its store footprint. As part of the plan, Gymboree is closing 330 underperforming stores.

 

Toys“R”Us Cooperates wIth Mirakl to Launch Online Marketplace

Toys“R”Us announced that it will cooperate with Mirakl, the global marketplace solutions provider, to support the creation of a new online marketplace businesses in the US and Canada. The platform is set to launch in 2018, and it will enable Toys“R”Us to increase its product selection and decrease time to market for new products.

 

Non-Store Closure News

Rite Aid Names Kermit Crawford as President and COO

Drugstore chain Rite Aid names Kermit Crawford as President and COO, effective October 5. Crawford is former Executive Vice President and President of pharmacy health and wellness for Walgreens. He served more than 30 years at Walgreens, and held a wide range of store operations and senior management positions, including responsibility for Walgreens’s pharmacy services.

 

Dr. Martens CEO Steps Down

Dr. Martens CEO Steve Murray will be leaving the company, in an attempt to speed up the company’s transformation. Paul Mason, Chairman of the company, will take over as interim CEO during a search for a new Chief Executive.

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2016 Major US Store Openings and Closures

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2017 Major UK Store Openings and Closures

What Is Happening this Week in the UK?

Greggs Expects to Open 140–150 Shops and Close 40–50 In 2017

Greggs, the bakery food-on-the-go retailer, expects to open 140–150 shops and close 40–50 shops, which represent a net increase of around 100 stores by the end of 2017. Year to date, the company has opened 98 new shops and closed 32 shops, giving a total of 1,830 shops, as of September 30.

 

ScS Group Plans to Open a New Store In Chelmsford on Boxing Day 2017

ScS, retailers of upholstered furniture and floorings, opened four new stores in 2016, and plans to open a new store in Chelmsford on Boxing Day 2017. The Group now operates 100 ScS stores and 27 House of Fraser concessions.

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2016 Major UK Store Openings and Closures

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