Retailers are opening fewer stores in 2024.
That shouldn’t be a surprise given how brands seem to be hunkering down and putting strategies into place to meet goals over the long-term horizon.
For many, the first priority at the start of 2024 was right-sizing staffing needs as retailers ponder consumer spending amid a backdrop of ongoing inflation and recession risks. Macy’s disclosed its “A Bold New Chapter” strategy to create long-term shareholder value, even as it closes 150 locations and remains in the midst of fighting off activist investors. And then there’s Dollar Tree Inc., which is going deep on the store-cuts front as it disclosed the shuttering of 970 Family Dollar banner locations. It also is planning to close 30 Dollar Tree doors as leases expire over the next several years. While it did open 641 stores in 2023, that number is nowhere near the number Dollar Tree is closing as it looks to a smaller store network in 2024.
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So far, there are at least 2,773 announced store openings since the start of 2024. Coresight Research is predicting store openings this year across the U.S. and U.K. to total 5,500. That estimate is down from the 5,645 doors that opened in 2023, according to Coresight’s proprietary database.
Below are the disclosed store openings to date:
Abercrombie & Fitch Co.: 45
The specialty chain said during its fourth-quarter conference call that it also plans on closing 30 locations.
Academy Sports + Outdoors: up to 17 in 2024, and between 120 to 140 new locations by 2027
The sporting goods retailer is expected to open its Greenwood, Ind., store later this month. The retailer opened its Knightdale community store, near Raleigh, N.C., last month.
Eric Friederich, the retailer’s senior vice president of retail operations, said each door carries an assortment mix that’s localized to meet the needs of the community where the store is located. The retailer sells apparel and footwear, as well as sports equipment and outdoor gear.
Over the long term, the company plans to open between 120 to 140 locations by 2027. Those plans will bring it closer to its long-range target of a store network in the 800-door range.
American Eagle Outfitters Inc.: 100 Aerie and Offline stores over the next three years.
The teen retailer also plans to “upgrade and modernize” its core American Eagle store fleet, targeting 300 remodels over the next three to five years. The remodels will range from full upgrades to “simpler refreshes,” Michael A. Mathias, the retailer’s executive vice president and CFO said during the company’s fourth-quarter earnings call.
BJ’s Wholesale Club: 12
New stores already opened in North Jacksonville, Fla.; Johnson City, N.Y., and Goodlettsville, Tenn. In March, the warehouse club disclosed the locations of five stores slated to open later this year: Maryville, Tenn.;, Myrtle Beach, S.C.; Palm Coast, Fla; West Palm Beach, Fla., and Carmel, Ind. And it already identified Louisville, Ky., as the location for a store that will open in 2025.
“Our real estate pipeline is the strongest it’s been in 20 years,” Bill Werner, BJ’s executive vice president, strategy and development, said in a statement last month. The company each new location is expected to create 150 jobs.
Bloomingdale’s: 15 smaller Bloomies’s stores and outlets
The new stores are part of Macy’s “A Bold New Chapter” strategy.
Bluemercury: at least 30 new locations
Macy’s new going-forward strategy includes a greater focus on luxury.
Boot Barn: 52
The Western-styled and work-related apparel and footwear retailer is adding new stores this year that would bring its total store count to 423. That move will bring it closer to its overall target of 900 stores over the longer-term horizon.
Burlington Stores: 140
The off-pricer’s existing target is 100 net-new stores each year, although it only opened 80 in 2023.
In 2024, it plans to open 140 new stores, with about one-third slated to open this spring and the balance in the back half of the year. Factoring in some store closures, the company believes it can hit its target of 100 net-new stores this year.
Costco Corp.: 30 warehouse locations, including two that are relocated doors from existing stores.
Some of the new sites are overseas in China and Japan, but the bulk of the new doors are in the U.S. One location in Natomas, Calif., opened last month, and the others—such as in Loomis, Calif.; North Port, Fla.;, Mount Juliet, Tenn.; Riverbank, Calif., and Richmond, Tex.—are expected to open later this year.
Dick’s Sporting Goods: at least 10 experiential House of Sport locations
The new doors will contribute to Dick’s plan to open between 75 to 100 experiential concept locations
Dollar General: 800
Dollar General remains the fast growing dollar-store chain. It opened store number 20,000 last month in Alice, Tex. It also plans to remodel 1,500 locations and relocate 85 existing doors. The new locations will also include is Pop Shelf doors.
Five Below: at least 225 to 235
The extreme value tween and teen favorite has a long-term goal of 3,500 doors by 2030. It opened 205 new stores in 2023, and ended the fiscal year with over half of its comparable doors in the Five Beyond format, which includes some higher price points at $10 and below. For this year, the retailer is planning on 200 store conversions to its Five Beyond format. It currently operates nearly 1,600 locations across 43 states.
Frasers Group: 1
Frasers is phasing out its traditional House of Fraser department store format. Instead, the company is continuing with the rollout of its new Frasers department store concept, with the next one slated to open this summer in Sheffield.
The 120,000 square foot 2-level store in Meadowhall is expected to feature a 60,000 square foot Frasers on the lower floor and a 60,000 square foot Sports Direct on upper floor.
Gymshark: 1
The activewear brand is planning to open its second store in Westfield Stratford City this summer. The new store follows the opening of its flagship on London’s Regent Street in October 2022.
H&M: 100
The fast-fashion chain opened a new “fashion-forward” concept store on King’s Road in London’s Chelsea neighborhood last month. The format, which features curated products and experiences, was also conceived as a community meeting place, emphasizing H&M’s move into localization.
H&M opened its first “fashion-forward” concept store in Manhattan’s SoHo neighborhood in February. The SoHo store also featured the retailer’s first “pre-loved” shop-in-shop in North America. The store also uses radio frequency identification (RFID) enabled systems to better track inventory levels, as well as other high-tech features that include smart mirrors that allow customers to see other color and size options and request items to be brought into the fitting rooms.
The 100 store openings featuring its new concept will be located primarily in emerging markets globally. H&M also plans to shutter 160 underperforming locations in established markets.
Ikea: 4 small-footprint locations and 1 flagship in the U.K.
The global home furnishings banner plans to open four smaller Plan & Order Point concept stores this year. The locations are in Austin, Tex., the Atlanta metro area and two in the greater Los Angeles market. The concept’s first door was opened in November in Dallas. The smaller format locations have less square footage than Ikea’s traditional brick-and-mortar stores, and it features both design consultants in the stores that also serve as customer pickup centers.
Other smaller format locations are slated to open in Maryland in Annapolis and Gaithersburg, as well as Katy, Tex., in 2025, Ikea disclosed.
Its U.K. flagship at 214 Oxford Street, the former home of TopShop’s flagship store, is slated to open this fall.
Macy’s Inc.: up to 30 small-format locations through 2025
As part of Macy’s new store strategy, it is shrinking the number of its full-size department stores and focusing more on smaller, off-mall locations.
Nordstrom Rack: 26 through Spring 2025
The off-price nameplate will open 11 new Rack locations in spring 2024, followed by another 11 in fall 2024. It also disclosed on its website the planned opening of four locations in Spring 2025.
On: 100 locations over the next few years
The Swiss running brand said last month that it plans to expand its global presence by adding new stores in China and Latin America. Germany’s first One Store opened last month in Berlin Mitte.
A post on the company’s website said the sportswear stores of the future—the brand sells footwear and apparel—will be “about more than sales. With the right design, and the right people, they can connect communities through movement.” On expects that by 2026, almost a quarter of all retail sales will likely occur online, meaning that stores need to be more than just for transactions. Some locations also host the community’s weekly run club.
Ross Dress for Less: 90
The off-price retailer plans to open 75 Ross Dress for Less stores in 2024 and 15 DD’s discount doors. Separately, it also plans to close or relocate between 10 to 15 older locations.
CEO Barbara Rentler said during the company’s fourth quarter earnings conference call that the performance of DD’s in some of its newer markets were disappointing, and that the company over the near-term was moderating its DD’s store growth while it takes a closer look at how to better address the needs of that customer base outside its “current existing geographies.”
REI: 10
The specialty outdoor retailer said spring openings are slated for Beavercreek, Ohio, and in Beaverton, Oregon. Summer store openings include one each in Glendale, Ariz.; Ithaca, N.Y., and Rancho Mirage, Calif. For this fall, REI is planning on store openings in Albany, N.Y., and in Tulsa, Okla. The remaining locations for 2024 have not been disclosed as the retailer is still finalizing contract terms.
REI also noted it will open a store in Durango, Colo., in Spring 2025, and in St. George, Utah, in Fall 2025.
Rothy’s: at least 10 in the U.S.
The new locations will bring its store total to 28 at the end of 2024. The footwear brand best known for its machine-washable flats opened a store at Tyson’s Corner Center in D.C. at the end of January. Another store at the Woodbury Common outlet is slated to open next month at the Outlet’s Hudson Valley District Suite 236.
Another location slated to open later this year will be at the Westfield Galleria at Roseville Shopping Center in Roseville, Calif.
Sam’s Club: more than 30.
The Walmart warehouse division plans to open at least 30 locations over the next few years, with the first slated to open in Florida this year.
Target: 300 over the next 10 years
The mass discounter said most new locations will feature its larger-size format. Target expects that once all the openings are completed, the stores could generate an additional $15 billion in annual sales. The locations of 39 of the new openings are posted on its website, with the stores focused along the East Coast. Other locations down the road include a handful in California and one in Hawaii.
Target also is planning nearly 2,000 remodels for existing doors, although the extent of the changes could vary store-to-sore from select upgrades to full-door renovations.
Uniqlo: 20 across U.S. and Canada
North America is a key player in Fast Retailing’s expansion of its Uniqlo nameplate, as well as the brand’s main Western market.
One source told Sourcing Journal in December that the company’s thinking is that it needs to be “number one in North America” before it can think about succeeding globally in the West.
Untuckit: 14
The company said last month that the stores will be open by the end of this year. The first seven doors are slated for California, Georgia, Florida, New Jersey and New York and are expected to open in May. The remaining 7 locations were not disclosed, pending finalization of advanced lease negotiations, the company said.
The new stores will house the brand’s men’s collection, and average between 1,400 and 2,500 square feet. At the end of the year when all locations are open, the company will have a total store count of just under 100 locations. The company is also eyeing expansion opportunities in North America and Europe.
VF Corp.: 300 overseas
The American apparel giant, which has expanded its partnership with its overseas retail operator GMG, will expand its market presence across Southeast Asia, Middle East and North Africa. The plan is to open 300 new stores over the next five years for its Vans, The North Face and Timberland brands. That would increase its current presence of 90 locations across the three markets, although the new expansion will see The North Face enter North Africa for the first time.
Walmart: 150 new or converted stores over the next 5 years
The stores will house Supercenters and the smaller-format Neighborhood markets. The mass discounter is also planning to remodel 650 locations this year. All of the brand new and remodeled stores will feature its new “Store of the Future” concept, with improved layouts and new technology.
WHSmith: 110 across North America
The U.K.-based travel retailer’s core Marshall Retail Group operation currently generates 50 percent of its revenue in North America. Most of the new airport stores are expected to open in the back-half of 2024.
