Weekly Store Openings and Closures Tracker #29: Target to Open 32 Stores in 2017 and 35 in 2018; Nordstrom Suspends Privatization Talks

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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 in the US has increased 203% year over year, bringing the total number of stores to be closed to 6,121.
  • Target is opening 32 new stores in 2017 and 35 new stores in 2018.
  • Vimmia targets to open four stores in three years.
  • Nordstrom suspends its plan to go private.
  • Year to date in the UK, there have been 664 store closure announcements from major retailers, significantly lower on a year-over-year basis. The 750 store openings, however, are a slight increase compared to 2016.
  • Footasylum plans 8–10 new store openings a year, with a target to reach 150 stores.
  • Peter Werth to close all brick-and-mortar stores and concessions.

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?      

Target Is Opening 32 New Stores in 2017 and 35 New Stores in 2018

Target is opening 32 new stores in 2017, with plans to open 35 new stores in 2018. The retailer also plans to accelerate the number of remodeled stores to more than 1,000 by the end of 2020 and expand its Restock program nationwide next year. In addition to the 110 stores remodeled in 2017, Target plans to fully renovate more than 325 stores in 2018, 350 in 2019 and 325 in 2020.

 

Vimmia Targets to Open Four Stores in Three Years

Luxe activewear brand Vimmia opened its first store this month, and plans to open a second store in six to eight months. The retailer targets to open a third store in the next 18–22 months, followed by a fourth location within the next three years.

 

Nordstrom Suspends Plans to Go Private            

Nordstrom has suspended active exploration to go private. It intends to continue its efforts after the conclusion of the holiday season, according to a company press release. The company first announced on September 12 that the Nordstrom family was looking to take the company private.

 

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2016 Major US Store Openings and Closures

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2017 Major UK Store Openings and Closures

Footasylum Plans 8–10 New Store Openings a Year, with a Target to Reach 150 Stores

Footwear retailer Footasylum plans to open 8–10 new stores a year to bring its total store count to 150 from 60 stores currently. The retailer has announced plans to list on the stock market, aiming to fund the growth of the number of stores.

 

Peter Werth to Close all Brick-and-Mortar Stores and Concessions

Men’s fashion retailer Peter Werth is set to close its two brick-and-mortar stores and all of its concessions. The retailer will continue to operate its own website as well as trading through House of Fraser’s website.

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2016 Major UK Store Openings and Closures

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