Weekly Store Openings and Closures Tracker #32: Target to Close 12 Stores; Sears to Close 63 Stores

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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 231% year over year, bringing the total number of stores to be closed to 6,691.
  • Target plans to close 12 underperforming stores in 2018.
  • Sears announced it will close an additional 63 stores in 2018.
  • Styles for Less files for bankruptcy.
  • Untuckit is set to open 100 stores by 2022.
  • The Global CMO of Under Armour exits the company.
  • Year to date in the UK, there have been 914 store closure announcements from major retailers, significantly lower on a year-over-year basis. The 837 store openings, however, are a slight increase compared to 2016.
  • Sainsbury’s Argos opened 23 new stores and closed 49 stores.
  • Superdry opened three new stores in the UK.
  • Marks & Spencer closed eight stores and opened 28 stores in the first half of its fiscal year.

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 to Close 12 Underperforming Stores

Target has decided to close 12 underperforming stores, all of which will close on February 3, 2018. Meanwhile, the company has opened 32 pint-sized stores this year, with 35 openings planned for 2018.

Sears to Close an Additional 63 Stores

Sears plans to close 45 Kmart stores and 18 Sears stores in late January 2018. Liquidation sales will begin as early as November 9 at these locations, but the stores will remain open during the holiday season.

Styles for Less Files for Chapter 11 Bankruptcy

Teen apparel chain Styles for Less has filed for Chapter 11 bankruptcy protection. The retailer blames intensified competition from discount stores, e-commerce and fast-fashion for the decision. The company has already closed 55 stores and slashed expenses in a bid to turn around the company. Styles for Less now operates 93 stores in California, Nevada, Arizona, Texas and Florida, according to a court filing.

Untuckit to Open 100 Stores by 2022

Online apparel retailer Untuckit aims to open 100 stores over the next five years, with plans to have 50 in operation by the end of 2018.

Non-Store Closure News

Under Armour Global CMO Exits the Company

Under Armour’s CMO Andrew Donkin has exited the company, after a rough third-quarter earnings announcements earlier this week. Donkin joined the retailer 15 months ago from Amazon, where he served as head of worldwide mass and brand marketing.

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2016 Major US Store Openings and Closures

 

2017 Major UK Store Openings and Closures

Sainsbury’s Argos Opens 23 New Stores and Closes 49 Stores

Sainsbury’s Argos opened 20 new Sainsbury’s stores and closed four Sainsbury’s convenience stores between March 11 and September 23 this year. The retailer also opened three Argos stores and closed 45 Argos stores over the same period. Sainsbury’s Argos expects to open three new supermarkets and 25 new convenience stores in the fiscal year ending March 2018.

Superdry Opens Three New Stores in the UK

Superdry added three new stores in the UK, boosting its UK portfolio to 102 stores for the 26 weeks ended October 28, 2017.

Marks & Spencer Closed Eight Stores and Opened 28 Stores in the First Half of the Fiscal Year

Marks & Spencer closed eight stores and opened 28 stores between September 30 and April 1 this year. The retailer expects 30 store closures in its clothing division by 2022, including six stores closed and relocated. M&S also expects to open 80 new Simply Food stores by next year.

 

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.

 

2016 Major UK Store Openings and Closures