Posted: May 04, 2018 | By: cathyplumb
March store opening and closing numbers from Chain Store Guide shows a significant gain in store openings. In February we saw 297 openings and in March we saw this number jump to 1551. Store closures have remained low from 17 in February to slightly increasing in March to 62. For March, we saw a 1489 net gain of stores up from the 280 net gain we saw in February.
Viewing results from a geographic perspective, the Midwest region saw the most store openings and the most store closings.
Looking at the results by category, Category Specialist stores led in new store openings and Chain Supermarkets closed the most number of stores.
Let's take a closer look at some of the top retailers opening stores.
Openings - 1551 Total
Specialty stores led at 836 new store openings
General Merchandise stores opened a total of 315 stores
Home Center and Hardware Chain stores opened 151 new stores
Chain Supermarkets opened 150 new stores and Chain Drug stores saw an increase of 84 new stores with the majority coming from CVS with 76 stores. The Discount Store category showed the least number of new stores at 15 with Costco at eight, Walmart Supercenters at five and Target had two.
Looking at openings geographically, the Midwest and the South regions were the biggest gainers in March openings, 393 and 278 respectively. The Atlantic region opened 236, the Southwest opened 195 while the Pacific followed closely at 194. The Northeast saw 188 openings and the Rocky Mountain region saw 67.
Closings – 62 Total
Chain Supermarkets saw the most closures at 40 with no one stand out chain. Chain Drug stores followed with 11 stores shuttering their doors and 8 of these were Fagen Pharmacy’s. The Home Center & Hardware category saw six closures including Ace Hardware and True Value with two each. Category Specialists shut down five with Office Max accounting for two of these closures. The Discount store category reported zero closures in the month of March.
Reviewing closures by region, the Midwest saw the most closure activity at 25 while the Atlantic followed with 13 closings. The Northeast and South regions tied with seven each and the Pacific followed closely with six. The Southwest saw three while the Rocky Mountain region saw the least amount of closures at one.
Stay tuned for next months wrap up of store opening and closing activity! Keep up with the movers and shakers in the industry.TAGS: retailer trends, retail store openings and closings,