openings and closures tracker #30: walgreens to close … · our weekly store openings and closures...

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DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.

October27,2017

Weekly Store Openings and

Closures Tracker #30: Walgreens to Close 600 Stores; Lloyds Pharmacy to Close

190 Stores

FGRTtracksstoreopeningsandclosuresforaselectgroupofretailersintheUSandtheUK.

1) Year-to-date2017,thenumberofstoreclosureannouncementsintheUShasincreased203%yearoveryear,bringingthetotalnumberofstorestobeclosedto6,121.

2) Walgreensplanstoclosearound600RiteAidstores,startingnextspring.

3) Hudson’sBayCompanyannouncedthatitsCEOwillstepdowneffectiveNovember1.ThecompanyhassolditsLord&TaylorflagshipFifthAvenuestoretoWeWork.

4) Toys“R”Ushasreceivedcourtapprovalfor$3.1billionofnewfinancing.

5) YeartodateintheUK,therehavebeen854storeclosureannouncementsfrommajorretailers,significantlyloweronayear-over-yearbasis.The750storeopenings,however,areaslightincreasecomparedto2016.

6) LloydsPharmacyannounceditwillclose190stores.

Deborah Weinswig

Managing Director

FGRT

[email protected]

US: 917.655.6790

HK: 852.6119.1779

CN: 86.186.1420.3016

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October27,2017

2017MajorUSStoreOpeningsandClosuresFGRThasadedicatedteamtrackingnewsaboutstoreclosuresandopenings,bankruptciesandmanagementchanges.OurWeeklyStoreOpeningsandClosuresTrackerfocusesondepartmentstoresandspecialtyretail,including,butnotlimitedto,softlines,hardlines,consumerelectronicsandfurniture.

WhatIsHappeningthisWeekintheUS? WalgreenstoCloseAround600RiteAidStores,StartingNextSpringWalgreensBootsAlliance(WBA)planstocloseabout600drugstores,asitcompletesitsacquisitionofRiteAidstores,accordingtoacompanyspokesperson.ThestoressettobeclosedwerechosenduetooverlapwithanotherRiteAidorWalgreenslocation.Wehavenotincludedthis600-storenumberintoourestimatefortotalstoreclosuresannouncementsfor2017,sincetheclosingswillnottakeplaceuntilnextspringandwillbecompletedoveran18-monthperiod.

Non-StoreClosureNewsHudson’sBayCompanyCEOStepsDownHudson’sBayCompany(HBC)announcedthatJerryStorchwillstepdownasCEO,effectiveNovember1,2017.RichardBaker,GovernorandExecutiveChairmanofHBC,willtakeovertheroleuntilapermanentreplacementisfound.

Hudson'sBayCompanySellsLord&TaylorFifthAvenueFlagshipBuildingtoWeWorkHudson’sBayCompany(HBC)hasenteredintoastrategicpartnershipwithoffice-sharingcompanyWeWork.HBCwillsellitsNewYorkCityflagshipLord&TaylorstoretoWeWorkPropertyAdvisorsinatransactionvaluedat$850million.TheLord&TaylorstoreistobeconvertedintoWeWork’sNewYorkheadquarters,WeWorkofficespaceandaredesignedsmallerLord&Taylorstoreofapproximately150,000squarefeet.Seeourrecentreport:Hudson’sBayCompanyandWeWorkRedefinetheTraditionalDepartmentStore

Toys“R”UsReceivesCourtApprovalfor$3.1BillionofNewFinancingToys“R”UsannouncedthattheUSBankruptcyCourthadenteredafinalordergrantingthecompany$3.1billionindebtor-in-possessionfinancing.Thefinancingismeanttokeepthecompanystockedandoperatingasnormalthroughtheupcomingholidayseasonandbeyond.

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October27,2017

Year-to-Date 2017 Major US Store Closure Announcements

TheChildren’sPlacewillclose300storesby2020.RalphLauren’sstoreclosingnumberwaspartofthe50-storeclosureplanannouncedinJune2016.Ascenawillclosebetween268and667storesbyJuly2019,dependingonnegotiationswithlandlords.Gapwillclose200storesby2020.UrbanOutfittersplanstocloseeighttoninestoresin2017.VitaminWorldwillcloseatleast50stores.Source:Companyreports/FGRT

36681019232731323640445050606165687070707074100100100101110120138160171180190

220250

330358

400400

7001000

0 200 400 600 800 1000 1200

H&MPirch

RothmanFurnitureUrbanOugihersNeimanMarcus

WalmartRalphLaurenTrueReligion

Benny’sGanderMountainEasternOugihers

lululemonathleicaLucyAcivewear

Chico’sVitaminWorld

GuessAlfredAngeloPerfumaniaMCSports

Aaron’sCVS

StaplesGap

AerosolesTheChildren’sPlace

Macy’sMichaelKors

GordmansStoresInc.AmericanApparel

BCBGJCPenneyCrocsInc.WetSeal

BebeStoresIncGameStophhgregg

TheLimitedGymboree

SearsandKmartAscenaRetail

rue21PaylessIncRadioShack

Total: 6,121 announced store closures

203% year over year

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October27,2017

Year-to-Date 2017 Major US Store Opening Announcements

Aldiwillcompletea400-storeexpansionbytheendof2018.Targetisonlyopeningstoresinsmallformat.Macy’sBackstagewillbeopenedwithinexistingfull-lineMacy’sstores.Rodd&Gunntoopen8–10storesbytheendof2018.Mackageplanstooperate25storesacrossNorthAmericainthenextfiveyears.Gapwillopen270storesby2020.Costcohasopened26storesnetforthefiscalyearendedSeptember2017,andplanstoopen25storesnetforfiscalyear2018.Source:Companyreports/FGRT

1

3

4

5

5

5

7

9

10

17

19

20

24

32

43

46

60

60

70

89

90

100

100

100

100

111

400

650

0 100 200 300 400 500 600 700

Vimmia

Fendi

Kohl’s

Mackage

Homesense

ThredUP

Abercrombie&Fitch

Rodd&Gunn

Forever21(RileyRose)

Nordstrom

Macy’sBackstage

Bonobos

Costco

Target

Dick’sSporingGoods,Inc.

H&M

HobbyLobby

H&M

Sephora

Walmart

Gap

RossStores

Lidl

Ulta

FiveBelow

TJX

Aldi

DollarTree

Total: 3,470 announced store openings

54% year over year

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October27,2017

2016MajorUSStoreOpeningsandClosures

2016 Major US Store Closures

Source:Companyreports/FGRT

2016 Major US Store Openings

Source:Companyreports/FGRT

91718182634

485051

6771

123142

154233243

255463

0 50 100 150 200 250 300 350 400 450 500

JCPenneyWalmart

FinishLineKohl’s

AmericanEagleChico’sFAS

StaplesRalphLauren

WolverineWorldWideWalgreens

GapOfficeDepot

TheChildren’sPlaceAeropostale

Men’sWarehouse/JosA.BankSearsandKmartHancockFabricsSportsAuthority

10

15

19

19

45

53

72

79

93

104

119

146

584

900

0 100 200 300 400 500 600 700 800 900 1,000

Zara

Target

UnderArmour

Costco

Aldi

H&M

Sephora

Dick’sSporingGoods

RossStores

Ulta

Walmart

TJX

DollarTree

DollarGeneral


Total: 2,258 announced store openings

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October27,2017

2017MajorUKStoreOpeningsandClosures

LloydsPharmacytoClose190StoresLloydsPharmacyannounceditwillclose190storesacrossEnglandbecauseofgovernmentcuts,businessratesandtheapprenticeshiplevy.Theretailerhasyettoannounceapossibletimelinefortheclosures.

Year-to-Date 2017 Major UK Store Closure Announcements*

*Thechartonlyshowsselectedretailers.Greggsexpectstoclose40–50storesbytheendof2017.Source:Companyreports/FGRT

22222233344445556101217172020

2828

3436404545

6069

122190

0 20 40 60 80 100 120 140 160 180 200

PeterWerthArgos

DebenhamsClasOhlson

HMVSainsbury’s

AmericanEagleKitandAce

B&QJoytheStore

iCandy(iCandyCardsandGiqs)NewLook

CardFactoryMothercare

TriumphNBrown

FrenchConnecionNessClothing

H&MStyleGroupBrandStores

BlueIncJaeger

Pep&CoBrightHouse

NextBudgens

LinensDirectJonesBootmakerDixonsCarphone

Greggs99pStoresBrantano

StoreTwentyOneLloydsPharmacy

Total: 854 announced store closures

16% year over year

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October27,2017

Year-to-Date 2017 Major UK Store Opening Announcements*

*Thechartonlyshowsselectedretailers.FGRThascalendarizedtheannouncementsofstoreopenings/closures,whichinvolvesanestimationforsomeretailers.Aldiwillcompletea300-storeexpansionby2022.Smigglewillopen200storesby2019.Lidlwillopen50–60storesbytheendof2017.PetsatHomewillopenfivestoresinfiscalyear2017and10storesinfiscalyear2018.M&Cowillopen60–75storesby2022.PrimarkisestimatedtoopenninestoresintheUKin2017and11forthefiscalyearendedSeptember2017.Greggsexpectstoopen140–150storesbytheendof2017.Footasylumplanstoopen8–10newstoresayear.Source:Companyreports/FGRT

2

2

5

5

6

7

7

9

9

9

9

9

9

10

14

15

17

20

25

25

34

50

51

55

60

60

67

145

0 20 40 60 80 100 120 140 160

BenSherman

Boden

Schuh

RiverIsland

WhiteStuff

HoneyBirdehe

PetsatHome

B&M

Waitrose

Dukla

Primark

H&M

Footasylum

ShoeZone

M&Co

SportsDirect

TheFragranceStore

Next

Iceland

House

M&S

AusinReed

TapiCarpets

Lidl

TheWorks

Aldi

Smiggle

Greggs

Total: 750 announced store openings

38% year over year

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October27,2017

2016MajorUKStoreOpeningsandClosures

2016 Major UK Store Closures*

*Thechartonlyshowsselectedretailers.Source:Companyreports/FGRT

2223355778888991010121213161919

24283032

4758

6577

8990

120164

0 20 40 60 80 100 120 140 160 180

FurnitureBarnOliverBonas

WaitroseMcEwansofPerth

IcelandFoodsBenSherman

GameClasOhlsonMorrisons

BananaRepublicFrenchConnecion

Sainsbury’sNext

WHSmithLauraAshley

ArgosNewLook

AmericanApparelM&S

JDSportsNehoStoresMothercareShoeZone

BehaLivingMonsoon/Accessorize

SkyB&Q

CardFactoryTesco

BrantanoStoreTwentyOneDixonsCarphone

MyLocalAusinReed

BHS


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October27,2017

2016 Major UK Store Openings*

*Thechartonlyshowsselectedretailers.Source:Companyreports/FGRT

2

2

2

2

2

3

3

3

4

4

4

5

7

7

7

7

9

9

10

10

10

11

12

15

19

20

23

24

30

32

33

42

47

50

59

0 10 20 30 40 50 60 70

Argos

TedBaker

Zara

MassimoDut

LauraAshley

Game

WhiteStuff

FatFace

Habitat

FoodWarehousebyIceland

ScS

TheWhiteCompany

Primark

Dreams

Superdrug

Tiger

OliverBonas

Next

WHSmith

JackWills

M&Co

Waitrose

WhiteStuff

Pep&Co

JDSports

NewLook

Smiggle

TKMaxx

Lidl

WHSmith

B&M

Tesco

Sainsbury’s

CardFactory

PhaseEight

Total: 542 announced store openings

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October27,2017

DeborahWeinswig,CPAManagingDirectorFGRTNewYork:917.655.6790HongKong:852.6119.1779China:86.186.1420.3016deborahweinswig@fung1937.comKirilPopovSeniorAnalyst

JohnMercerSeniorAnalyst

EsmePau,CFAAnalyst

SimicChanSeniorResearchAssociate

EvaKubickaSeniorResearchAssociate

HongKong:2ndFloor,HongKongSpinnersIndustrialBuildingPhase1&2800CheungShaWanRoad,KowloonHongKongTel:85223004406London:242-246MaryleboneRoadLondon,NW16JQUnitedKingdomTel:44(0)2076168988NewYork:1359Broadway,18thFloorNewYork,NY10018Tel:6468397017FungGlobalRetailTech.com

openings and closures tracker #30: walgreens to close … · our weekly store openings and closures...

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