Since the start of 2021, over 3,199 store openings have been announced by retailers. This number significantly surpasses the amount of store closures, according to findings from Coresight Research.
Numerous players in the industry are looking to grow – with lower rent and flexible lease terms as two major factors. Brick-and-mortar retail and expansions plans are on the rise like never before, significantly outpacing closures.
US retail sales are predicted to rise to over $4.3 trillion this year, and retailers are reacting with their own growth initiatives. Here are 10 companies that have planned store openings:
Ulta Beauty
The beauty retailer has 40 new stores on the horizon. Ulta has also dedicated $70 million for store remodels and new locations. Many of these openings are set to happen in the first quarter of 2021. The remainder of the year the brand will focus on their recent partnership with Target, where they will integrate their store model into Target stores across the US.
Burlington
Off-price retailer, Burlington, is plotting 75 new stores for the year. A third of the new stores will include a smaller format, which has become a prominent theme in retail today. This is a key part of Burlington’s efforts to lower inventory levels.
Sephora
Sephora has made clear plans to open 60 freestanding locations. The beauty retailer has also partnered with Kohl’s to open 200 miniature Sephora shops throughout their stores.
Amazon
Amazon is quietly opening more of their Fresh grocery stores. Amazon Fresh currently has over 11 US stores, and is working on over two dozen more. The company has made waves in brick-and-mortar retail with a variety of physical and digital integrations.
Fabletics
Athletic apparel brand, Fabletics, has 24 new locations slated for the year. The company, which started as a direct-to-consumer brand, will bring its store count to 76. Fabletics also plans to venture into the international brick-and-mortar landscape for the first time.
American Eagle Outfitters
AEO’s Aerie and Offline brands have seen huge momentum recently with the boost in loungewear sales. To capitalize on that growth, the company will open 60 Aerie locations and 25-30 Offline shops.
DICK’s Sporting Goods
The sporting goods retailer will open six new locations this year to test out different store concepts. DICK’s currently has two off-price discount shops, but will open new stores to include experiential settings such as indoor climbing walls and track setups.
TJ Maxx
TJX’s portfolio of off-price brands will open 122 new stores, bringing their total count to 4,700. Execs of the brand admitted to being in an excellent position to open new stores in ideal markets.
Five Below
Five Below will add 170-180 stores to their portfolio. The company’s ultimate goal is to reach over 2,500 locations across the US.
Gap’s Old Navy, Athleta
Gap Inc. plans to add 30-40 Old Navy stores and 20-30 Athleta locations. The company has experienced demand in recent years, and expects a clear increase in 2021 sales growth.
Source: Retailers in Expansion Mode – CNBC
Photo Credit: Retailers in Expansion Mode – CNBC
