Discounters Lead Planned Retail Openings in 2022
February 4, 2022 | Lynn Pollack | GlobeSt.com
US retailers are on track to open 30 million square feet this year in the wake of 1,910 announced store openings so far this year.
As of January 28, according to Coresight Research, there were 742 announced store closures, which translates into an estimated 17.4 million square feet of closed retail space. By comparison, there were 2,093 closures in the same period in 2021.
The largest openings in terms of number of store locations planned include Dollar General (1,102 planned), Burlington Stores (110), Signet Jewelers (87), Windsor Fashion (75), Aerie (69), Big Lots (50) and Citi Trends (45).
Dollar General leads in openings in gross square feet, with an anticipated 11.7 million square feet of new space to open in 2022. The discount chain is followed by Burlington Stores (7.6 million square square feet), and Costco (2.8 million square feet).
Amazon has also announced plans to open 13 stores this year, a 12% expansion of its existing stock of 107 stores. The expansion will comprise an estimated 450,000 square feet of space.
The most significant planned closures in terms of number of stores to close include 300 CVS Health locations, 86 Signet Jewelers locations, 83 American Eagle stores, 64 Michael Kors outposts, 49 Macy’s locations and 52 Rite Aid stores. The Macy’s closures will comprise the most gross square footage, at 9,135,000 million square feet, followed by CVS Health (3,872,000) and Bed Bath & Beyond (850,000).
CVS Health made headlines late last year when it announced plans to close 300 stores each year for the next three years. But at the same time, the company will double down on healthcare initiatives by opening retail locations offering primary care services.
