That's it: The end of the end for Toys R Us. The well-known toy dealer closes today, on June 29, 2018, the last of its 700 stationary sites. Toys R Us has always said that specific store closures would vary according to inventory, but now is the time.
So as not to defeat a dead giraffe, let's take a look at some of the future residents of these 700 empty store fronts.
The short-term savior of the retail landlord comes in the form of Party City, which announced plans to lease 50 former Toys R. We storefronts as seasonal Halloween and Christmas shops in the fall. There are currently no plans to make these leases permanent, but at least it will buy landlords some time to find other long-term tenants.
Regarding durable solutions, CNN Money notes that there are some competitors.
TJX plans to open 238 new stores this year, including TJ Maxx, HomeGoods and Marshalls. Ross Stores plans to open 100 locations this year and Burlington Stores would like to add or relocate a total of 90 locations. Similar to the liquidation of the Sports Authority, it is possible that some of these brands may take a step to crack former Toys R Us locations Strategically viable for business
Dollar General is also planning 900 new stores this year while its competitor Dollar Tree is considering 650 new or relocated Dollar Tree and Family Dollar businesses. However, both retailers tend to buy smaller stores, so Toys R Us stores may be too big to interest them.
Some properties may instead be leased to less traditional tenants such as fitness clubs and offices. while others can even be demolished and redeveloped.
In other words, the future of everyone's childhood favorite is still very much in flux.
In Other Brick News …  Los Angeles-based Coffee Bean & Tea Leaf announced it would open 100 franchise locations in New York City over the next 10 years. All in all, the company plans to triple the number of US cafes from 311 to 1,000 by 2028 and visit some of the sites Starbucks has declared closed. Currently, Coffee Bean & Tea Leaf has most of its 1,200 stores in Asia. Meanwhile, the world's largest coffee chain this week said it will triple its average annual store closures, with plans to close 150 US locations
Meanwhile. However, these closures are part of a larger scheme. Starbucks says it will open more new proprietary businesses (unlike franchisees) in underserved markets, while slowing down the licensing business and focusing on improving digital customer relationships.
Chipotle also announced store closures this week on marketing efforts. The idea is to sort out the low-performing locations and other aspects of the business, such as: B. the delivery and menu variety to improve. The company also plans to launch a loyalty program by the end of the calendar year. All in all, these steps herald an impending "aggressive growth" for Chipotle in the US – and growth often starts with some trimming.
Outside of the QSR category, teen twin retailer Claire & # 39; s announced an additional 37 locations in addition to the 95 stores it already wanted to vacate. Claire & # 39; s has been able to break 130 leases since filing for bankruptcy. Meanwhile, the brand is staying afloat by building concession stands in other stores to sell Claire products, and plans to expand its business to over 4,000 locations this calendar year.