US store closures surpassed 9,300 in 2019, while retailers announced more than 4,000 store openings for the year.
Down to the store, Coresight Research reported 9,302 store closures were announced, compared to 5,844 closures for the full year 2018. By week 15 of 2019, year-to-date announced closures had already exceeded the total for all of 2018. One should note, the final number for the year of closures comes in much lower than Coresight’s estimate earlier this year that closures could reach 12,000 by the end of the year.
Additionally, store openings were also up: 4,392 store openings were announced, compared to 3,258 openings in 2018. Aldi, Old Navy, and Five Below opened the most stores in 2019 according to The Motley Fool.
Some of the most recent store closure news includes RTW Retailwinds, formerly known as New York & Company, which plans to close 27 stores—19 New York & Company stores, four Fashion to Figure stores and four outlet stores—in its fourth quarter ending February 2, 2020. For the full fiscal year, RTW expects to have closed a total of 31 locations and opened seven New York & Company stores and two Fashion to Figure stores. (Fashion to Figure is the company’s plus-size brand.)
“We see stores as an important driver of customer acquisition and engagement, metrics that inform our holistic approach to real estate,” CEO Greg Scott said on a recent earnings call.
Dressbarn, owned by Ascena Retail Group, announced that it was on track to close its remaining 544 Dressbarn stores by December 31, 2019. The company has sold the intellectual property assets of Dressbarn and has begun the process of transitioning its e-commerce business to a subsidiary of Retail Ecommerce Ventures LLC.