10 retailers that are opening new shops

In a 180-degree turn from 2020, retailers’ expansion plans are outpacing plans to close up shop so far this year.

U.S. retailers have announced 3,199 store openings and 2,548 closures year-to-date, according to a tracking by Coresight Research. For comparison, the firm recorded a whopping 8,953 closures, along with 3,298 openings last year, as the Covid pandemic upended the retail industry and pushed dozens of businesses into bankruptcy.

Now, though, the country is seemingly turning a corner. The rollout of the Covid vaccine keeps ramping up, another round of stimulus checks is landing in many Americans’ bank accounts, and companies are by and large predicting a strong rebound of the consumer. The National Retail Federation is forecasting retail sales in the U.S. could grow anywhere between 6.5% and 8.2% this year, with the economy accelerating at its fastest clip in two decades.

The real estate market, meantime, presents an opportunity in 2021 for companies looking to grow. They will likely pay less in rent and have more flexible lease terms. A glut of vacancies has left landlords more desperate to fill space and sign deals they wouldn’t have ever considered pre-pandemic.

“Most retailers that survived Covid’s early days are now looking to refill their new store opening programs,” said Bill Read, executive vice president for Retail Specialists, a brokerage firm based in the Southeast. “Demand for new stores is very robust right now. Playing catch up has everyone in a hurry up.”

Here are 10 of the retailers that have store openings planned for this year.

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Ulta Beauty is planning to open about 40 net new stores in 2021. The retailer has earmarked roughly $70 million for store openings and remodels this year. Its plans call for 11 locations to be remodeled and 10 to be relocated.

When the Covid pandemic hit, store openings that were slated for 2020 were postponed, Ulta’s management team told analysts during a conference call in early March. And as a result, many of the openings now planned for 2021 are expected to happen during the first quarter, it said. Beginning in the second half of this year, Ulta is also rolling out a smaller version of its store in more than 100 Target locations.

“We continue to be optimistic and positive about the outlook of physical retail, and we’ll continue to find terrific locations across the country,” Ulta President David Kimbell said. “We see plenty of growth ahead of us.”

Kimbell is set to replace current Ulta CEO Mary Dillon, when she steps down in June.

LVMH-owned Sephora says it plans to open more than 60 freestanding stores this…