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DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright2017TheFungGroup.Allrightsreserved.
September15,2017
Weekly Store Openings and
Closures Tracker #24: Gymboree and Rue21
Emerge from Bankruptcy; Neiman
Marcus to Close 10 Stores
Deborah Weinswig
Managing Director FGRT
[email protected] US: 917.655.6790
HK: 852.6119.1779 CN: 86.186.1420.3016
FGRTtracksstoreopeningsandclosuresforaselectgroupofretailersintheUS,and,asoflastmonth,intheUKaswell.
1) Thisweek,GymboreeandRue21receivedcourtapprovalfortheirreorganizationplansandwillemergefrombankruptcy.
2) NeimanMarcusisclosing10LastCalloutletstores.Pirchwillbeclosingsixstores.
3) VitaminWorldfilesforbankruptcyandtargetstocloseatleast50stores.
4) Bennystocloseall31storesinNewEngland.
5) Nordstrommetwithaprivateequityfirmtoassistinitsbidtoprivatizethecompany.
6) Abercrombie&FitchnamesnewCFO.
7) Year-to-date2017,thenumberofstoreclosureannouncementshasincreased179%yearoveryear,bringingthetotalnumberofstorestobeclosedto6,018.
8) FortheUKmarket,yeartodate,therehavebeen584storeclosureannouncementsfrommajorretailers,significantlyloweronayear-over-yearbasis.The543storeopenings,however,areaslightincreasecomparedto2016.
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DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright2017TheFungGroup.Allrightsreserved.
September15,2017
2017MajorUSStoreOpeningsandClosuresFGRThasadedicatedteamtrackingnewsaboutstoreclosuresandopenings,bankruptciesandmanagementchanges.OurWeeklyStoreOpeningsandClosuresTrackerfocusesondepartmentstoresandspecialtyretail,including,butnotlimitedto,softlines,hardlines,consumerelectronicsandfurniture.
WhatIsHappeningthisWeekintheUS?
GymboreeEmergesfromBankruptcy,toClose330StoresGymboreeannouncedthattheUSBankruptcyCourthasapprovedthecompanysreorganizationplan.GymboreeexpectstocompleteitsfinancialrestructuringprocessandemergefromChapter11bytheendofSeptember.Accordingtocourtfilings,Gymboreeisclosingandliquidating330underperformingstores.
NeimanMarcustoClose10LastCallOutletStoresLuxuryretailerNeimanMarcusisclosing10LastCalloff-pricestoresinordertofocusandsteermoreresourcesonitshigh-endfull-linedepartmentstores.AccordingtoElizabethAllison,SeniorVicePresidentofLastCall,thecompanyisoptimizingitsstoreportfolioinordertofreeupresourcestosupportnewinitiativesaswellasdeliverthebestcustomerservices.
VitaminWorldFilesforBankruptcyandTargetstoCloseatLeast50StoresVitaminWorld,avitaminsandhealthsupplementsretailer,filedforChapter11protectionandplanstocloseatleast50ofits334storesnationwide.Thecompanyhasalreadyclosed45underperformingstoressinceearlylastyear.
BennystoCloseAll31StoresinNewEnglandDiscountretailchainBennysisclosingallofits31storesinNewEnglandbytheendof2017.CompanyCEOArnoldBrombergsaidchangeintheretailingbusinessmakesitalmostimpossibleforasmallchaintocompete.
PirchtoCloseSixStoresPirch,ahigh-endapplianceandkitchenchain,announceditwillclosesixstoresinDallas,ChicagoAustin,Paramus,NJandAtlantabeforetheendofSeptemberinordertorefocusonitsprofitablestoresinCalifornia.
NordstromMeetswithPrivateEquityFirmtoAssistinBidtoTakeStorePrivateNordstromsfoundingfamilymembersmetwithprivateequityfirmLeonardGreen&Partnerstohelptakethedepartmentstoreprivate.ThedealbetweenNordstromandLeonardGreenhasnotyetbeenfinalized.
Abercrombie&FitchNamesNewCFOAbercrombie&FitchannouncedthatScottD.LipeskywillbethenewSeniorVicePresidentandCFOofthecompany,effectiveOctober2.Lipeskyhasmorethan20yearsexperienceinfinancialplanningandanalysisintheretailandmanufacturingsectors,includingnineyearsinvariousroleswithinAbercrombie&Fitch.
WalmarttoStreamlineItsUSStoreOperationsWalmartissimplifyingitsUSbrick-and-mortaroperationsbyreducingthenumberofbusinessdivisionstofourfromsix.Themoveisintendedtofacilitatebettercommunicationandhigherresponsivenesstomarketchanges,accordingtospokespersonKoryLundberg.
Rue21ConfirmsPlanstoExitBankruptcy Teenspecialtyretailerrue21announcedthatitsreorganizationplanhasbeenapprovedbytheUSBankruptcyCourt.Thecompanyinitiallyhad1,179stores,400ofwhichhavebeenclosedsinceMay.
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DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright2017TheFungGroup.Allrightsreserved.
September15,2017
Year-to-Date 2017 Major US Store Closure Announcements
TheChildren'sPlacewillclose300storesby2020.RalphLaurensstoreclosingnumberwaspartofthe50-storeclosureplanannouncedinJune2016.Ascenawillclosebetween268and667storesbyJuly2019,dependingonnegotiationswithlandlords.Gapwillclose200storesby2020.UrbanOutfittersplanstocloseeighttoninestoresin2017.VitaminWorldwillcloseatleast50stores.Source:Companyreports/FGRT
68102327313236404450506061646870707070
100100100101110120138160171180190
220250
330358
400400
7001000
0 200 400 600 800 1000 1200
PirchUrbanOuhiiersNeimanMarcus
RalphLaurenTrueReligion
Benny'sGanderMountainEasternOuhiiers
lululemonathlekcaLucyAckvewear
ChicosVitaminWorld
GuessAlfredAngeloPerfumaniaMCSports
AaronsCVS
StaplesGap
TheChildrensPlaceMacys
MichaelKorsGordmansStoresInc.
AmericanApparelBCBG
JCPenneyCrocsInc.WetSeal
BebeStoresIncGameStophhgregg
TheLimitedGymboree
SearsandKmartAscenaRetail
rue21PaylessIncRadioShack
Total: 6,018 announced store closures
179% year over year
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DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright2017TheFungGroup.Allrightsreserved.
September15,2017
Year-to-Date 2017 Major US Store Opening Announcements
Aldiwillcompletea400-storeexpansionbytheendof2018.Walmartstargetof59storesincludesnew,expandedandrelocatedstores.Targetisonlyopeningstoresinsmallformat.MacysBackstagewillbeopenedwithinexistingfull-lineMacysstores.Rodd&Gunntoopen810storesbytheendof2018.Mackageplanstooperate25storesacrossNorthAmericainthenextfiveyears.Gapwillopen270storesby2020.Source:Companyreports/FGRT
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4
5
5
5
7
9
10
17
19
20
24
30
43
59
60
60
70
90
90
100
100
100
111
400
650
1,290
0 200 400 600 800 1,000 1,200 1,400
Fendi
Kohls
Mackage
Homesense
ThredUP
Abercrombie&Fitch
Rodd&Gunn
Forever21(RileyRose)
Nordstrom
MacysBackstage
Bonobos
Costco
Target
DicksSporkngGoods,Inc.
Walmart
HobbyLobby
H&M
Sephora
Gap
RossStores
Lidl
Ulta
FiveBelow
TJX
Aldi
DollarTree
DollarGeneral
Total: 3,381 announced store openings
58% year over year
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DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright2017TheFungGroup.Allrightsreserved.
September15,2017
2016MajorUSStoreOpeningsandClosures
2016 Major US Store Closures
Source:Companyreports/FGRT
2016 Major US Store Openings
Source:Companyreports/FGRT
9
18
18
26
34
48
50
51
67
71
123
142
154
154
233
243
255
463
0 50 100 150 200 250 300 350 400 450 500
JCPenney
FinishLine
Kohls
AmericanEagle
ChicosFAS
Staples
RalphLauren
WolverineWorldWide
Walgreens
Gap
OfficeDepot
TheChildrensPlace
Walmart
Aeropostale
MensWarehouse/JosA.Bank
SearsandKmart
HancockFabrics
SportsAuthority
10
15
19
19
45
53
72
79
93
104
146
584
900
0 100 200 300 400 500 600 700 800 900 1,000
Zara
Target
UnderArmour
Costco
Aldi
H&M
Sephora
DicksSporkngGoods
RossStores
Ulta
TJX
DollarTree
DollarGeneral
Total: 2,159 announced store closures
Total: 2,139 announced store openings
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DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright2017TheFungGroup.Allrightsreserved.
September15,2017
2017MajorUKStoreOpeningsandClosures
Year-to-Date 2017 Major UK Store Closure Announcements*
*Thechartonlyshowsselectedretailers.Source:Companyreports/FGRT
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2
2
2
2
3
3
3
4
4
4
4
5
5
5
6
6
10
17
17
20
20
28
34
36
40
45
60
69
122
0 20 40 60 80 100 120 140
Argos
Debenhams
ClasOhlson
HMV
Sainsburys
AmericanEagle
KitandAce
B&Q
JoytheStore
iCandy(iCandyCardsand
NewLook
CardFactory
Mothercare
Triumph
NBrown
ShoeZone
FrenchConneckon
NessClothing
StyleGroupBrandStores
BlueInc
Jaeger
Pep&Co
BrightHouse
Budgens
LinensDirect
JonesBootmaker
DixonsCarphone
99pStores
Brantano
StoreTwentyOne
Total: 584 announced store closures
43% year over year
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DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright2017TheFungGroup.Allrightsreserved.
