Weekly Store Openings and Closures Tracker #24: Gymboree and Rue21 Emerge from Bankruptcy; Neiman Marcus to Close 10 Stores. September 15, 2017

Transcription

1 September 1, 01 Weekly Store Openings and Closures Tracker #: Gymboree and Rue1 Emerge from Bankruptcy; Neiman Marcus to Close Stores Deborah Weinswig Managing Director FGRT US: 1.6. HK: CN: FGRT tracks store openings and closures for a select group of retailers in the US, and, as of last month, in the UK as well. 1) This week, Gymboree and Rue1 received court approval for their reorganization plans and will emerge from bankruptcy. ) Neiman Marcus is closing Last Call outlet stores. Pirch will be closing six stores. ) Vitamin World files for bankruptcy and targets to close at least 0 stores. ) Benny s to close all 1 stores in New England. ) Nordstrom met with a private equity firm to assist in its bid to privatize the company. 6) Abercrombie & Fitch names new CFO. ) Year-to-date 01, the number of store closure announcements has increased 1% year over year, bringing the total number of stores to be closed to 6,01. ) For the UK market, year to date, there have been store closure announcements from major retailers, significantly lower on a year-over-year basis. The store openings, however, are a slight increase compared to 016. deborahweinswig@fung1.com US: 1.6. HK: CN: Copyright 01 The Fung Group. All rights reserved. 1

2 September 1, 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? Gymboree Emerges from Bankruptcy, to Close 0 Stores Gymboree announced that the US Bankruptcy Court has approved the company s reorganization plan. Gymboree expects to complete its financial restructuring process and emerge from Chapter 11 by the end of September. According to court filings, Gymboree is closing and liquidating 0 underperforming stores. Neiman Marcus to Close Last Call Outlet Stores Luxury retailer Neiman Marcus is closing Last Call off-price stores in order to focus and steer more resources on its high-end full-line department stores. According to Elizabeth Allison, Senior Vice President of Last Call, the company is optimizing its store portfolio in order to free up resources to support new initiatives as well as deliver the best customer services. Vitamin World Files for Bankruptcy and Targets to Close at Least 0 Stores Vitamin World, a vitamins and health supplements retailer, filed for Chapter 11 protection and plans to close at least 0 of its stores nationwide. The company has already closed underperforming stores since early last year. Benny s to Close All 1 Stores in New England Discount retail chain Benny s is closing all of its 1 stores in New England by the end of 01. Company CEO Arnold Bromberg said change in the retailing business makes it almost impossible for a small chain to compete. Pirch to Close Six Stores Pirch, a high-end appliance and kitchen chain, announced it will close six stores in Dallas, Chicago Austin, Paramus, NJ and Atlanta before the end of September in order to refocus on its profitable stores in California. Nordstrom Meets with Private Equity Firm to Assist in Bid to Take Store Private Nordstrom s founding family members met with private equity firm Leonard Green & Partners to help take the department store private. The deal between Nordstrom and Leonard Green has not yet been finalized. Abercrombie & Fitch Names New CFO Abercrombie & Fitch announced that Scott D. Lipesky will be the new Senior Vice President and CFO of the company, effective October. Lipesky has more than 0 years experience in financial planning and analysis in the retail and manufacturing sectors, including nine years in various roles within Abercrombie & Fitch. Walmart to Streamline Its US Store Operations Walmart is simplifying its US brick-and-mortar operations by reducing the number of business divisions to four from six. The move is intended to facilitate better communication and higher responsiveness to market changes, according to spokesperson Kory Lundberg. Rue1 Confirms Plans to Exit Bankruptcy Teen specialty retailer rue1 announced that its reorganization plan has been approved by the US Bankruptcy Court. The company initially had 1,1 stores, 00 of which have been closed since May. deborahweinswig@fung1.com US: 1.6. HK: CN: Copyright 01 The Fung Group. All rights reserved.

3 September 1, 01 Year-to-Date 01 Major US Store Closure Announcements RadioShack Payless Inc rue1 Ascena Retail Sears and Kmart Gymboree The Limited hhgregg GameStop Bebe Stores Inc Wet Seal Crocs Inc. JCPenney BCBG American Apparel Gordmans Stores Inc. Michael Kors Macy s The Children s Place Gap Staples CVS Aaron s MC Sports Perfumania Alfred Angelo Guess Vitamin World Chico s Lucy Ackvewear lululemon athlekca Eastern Ouhiiers Gander Mountain Benny's True Religion Ralph Lauren Neiman Marcus Urban Ouhiiers Pirch Total: 6,01 announced store closures 1% year over year The Children's Place will close 00 stores by 00. Ralph Lauren s store closing number was part of the 0-store closure plan announced in June 016. Ascena will close between 6 and 66 stores by July 01, depending on negotiations with landlords. Gap will close 00 stores by 00. Urban Outfitters plans to close eight to nine stores in 01. Vitamin World will close at least 0 stores. deborahweinswig@fung1.com US: 1.6. HK: CN: Copyright 01 The Fung Group. All rights reserved.

4 September 1, 01 Year-to-Date 01 Major US Store Opening Announcements Dollar General Dollar Tree Aldi TJX Five Below Ulta Lidl Ross Stores Gap Sephora H&M Hobby Lobby Walmart Dick s Sporkng Goods, Inc. Target Costco Bonobos Macy s Backstage Nordstrom Forever 1 (Riley Rose) Rodd & Gunn Abercrombie & Fitch ThredUP Homesense Mackage Kohl s Fendi ,0 Total:,1 announced store openings % year over year ,000 1,00 1,00 Aldi will complete a 00-store expansion by the end of 01. Walmart s target of stores includes new, expanded and relocated stores. Target is only opening stores in small format. Macy s Backstage will be opened within existing full-line Macy s stores. Rodd & Gunn to open stores by the end of 01. Mackage plans to operate stores across North America in the next five years. Gap will open 0 stores by 00. deborahweinswig@fung1.com US: 1.6. HK: CN: Copyright 01 The Fung Group. All rights reserved.

5 September 1, Major US Store Openings and Closures 016 Major US Store Closures Sports Authority Hancock Fabrics Sears and Kmart Men s Warehouse/Jos A. Bank Aeropostale Walmart The Children s Place Office Depot Gap Walgreens Wolverine World Wide Ralph Lauren Staples Chico s FAS American Eagle Kohl s Finish Line JCPenney Total:,1 announced store closures Major US Store Openings Dollar General Dollar Tree TJX Ulta Ross Stores Dick s Sporkng Goods Sephora H&M Aldi Costco Under Armour Target Zara Total:,1 announced store openings ,000 deborahweinswig@fung1.com US: 1.6. HK: CN: Copyright 01 The Fung Group. All rights reserved.

6 September 1, Major UK Store Openings and Closures Year-to-Date 01 Major UK Store Closure Announcements* Store Twenty One Brantano p Stores Dixons Carphone Jones Bootmaker Linens Direct Budgens BrightHouse Pep&Co Jaeger Blue Inc Style Group Brand Stores Ness Clothing French Conneckon ShoeZone N Brown Triumph Mothercare Card Factory New Look icandy (icandy Cards and Joy the Store B&Q Kit and Ace American Eagle Sainsbury s HMV Clas Ohlson Debenhams Argos Total: announced store closures % year over year * The chart only shows selected retailers. deborahweinswig@fung1.com US: 1.6. HK: CN: Copyright 01 The Fung Group. All rights reserved. 6

7 September 1, 01 Year-to-Date 01 Major UK Store Opening Announcements* Smiggle 6 Aldi The Works Lidl Tapi Carpets Auskn Reed 0 1 M&S House Iceland The Fragrance Store 1 Sports Direct M&Co 1 1 Dukla Waitrose B&M Pets at Home Honey Birdeie White Stuff Schuh 6 Total: announced store openings 1% year over year Boden Ben Sherman * The chart only shows selected retailers. FGRT has calendarized the announcements of store openings/closures, which involves an estimation for some retailers. Aldi will complete a 00-store expansion by 0. Smiggle will open 00 stores by 01. Lidl will open 0 stores by the end of 01. Pets at Home will open five stores in FY01 and stores in FY01. M&Co will open stores by 0. deborahweinswig@fung1.com US: 1.6. HK: CN: Copyright 01 The Fung Group. All rights reserved.

8 September 1, Major UK Store Openings and Closures 016 Major UK Store Closures* BHS Auskn Reed My Local Dixons Carphone Store Twenty One Brantano Tesco Card Factory B&Q Sky Monsoon/Accessorize Beia Living ShoeZone Mothercare Neio Stores JD Sports M&S American Apparel New Look Argos Laura Ashley WHSmith Next Sainsbury s French Conneckon Banana Republic Morrisons Clas Ohlson Game Ben Sherman Iceland Foods McEwans of Perth Waitrose Oliver Bonas Furniture Barn Total: 1,01 announced store closures * The chart only shows selected retailers. deborahweinswig@fung1.com US: 1.6. HK: CN: Copyright 01 The Fung Group. All rights reserved.

9 September 1, Major UK Store Openings* Phase Eight Card Factory Sainsbury s Tesco B&M WHSmith Lidl TK Maxx Smiggle New Look JD Sports Pep & Co White Stuff Waitrose M&Co Jack Wills WHSmith Next Oliver Bonas Tiger Superdrug Dreams Primark The White Company Food Warehouse by Iceland Habitat Fat Face White Stuff Game Laura Ashley Massimo Dut Zara Ted Baker Argos Total: announced store openings * The chart only shows selected retailers. deborahweinswig@fung1.com US: 1.6. HK: CN: Copyright 01 The Fung Group. All rights reserved.

10 September 1, 01 Deborah Weinswig, CPA Managing Director FGRT New York: 1.6. Hong Kong: China: Kiril Popov Senior Analyst John Mercer Senior Analyst Esme Pau Analyst Simic Chan Senior Research Associate Eva Kubicka Senior Research Associate Hong Kong: nd Floor, Hong Kong Spinners Industrial Building Phase 1& 00 Cheung Sha Wan Road, Kowloon Hong Kong Tel: London: -6 Marylebone Road London, NW1 6JQ United Kingdom Tel: (0)0 616 New York: 1 Broadway, 1th Floor New York, NY 01 Tel: FungGlobalRetailTech.com deborahweinswig@fung1.com US: 1.6. HK: CN: Copyright 01 The Fung Group. All rights reserved.