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Focus On: Retail Construction by Michael Fickes Focus on: Retail Construction By Michael Fickes SPECS Chain Store Age’s annual Retail Construction Survey chronicles significant retail building activity, includ- ing new stores opened or relocated, as well as expansions, remodels and renovations. This is not a compre- hensive ranking of all retail construction. Instead, it highlights growth strategies among leading retailers in select industry sectors: department stores, discount stores, drug stores, food stores, specialty softlines, specialty hardlines, and auto and home improvement stores. Capital expenditures by retailers in Chain Store cutback, new store activity actually inched up a bit Age’s annual Retail Construction Survey fell by nearly from last year as retailers rethink formats and target $2 billion this year. The good news is that despite the new areas in response to changing consumer demand. The survey also revealed the shifts that are taking place in the retail landscape. Similar to last CaPital ExPEnDituRES (000 omitted) year, retail expansion was dominated by the trio of store planning, equipment, construction and facilities services planning, equipment, construction and facilities store Rank Company 2012 2011 “extreme-value” discounters—Family Dollar, Dollar 7,000,000 - General and Dollar Tree—who continue their march 1 Walmart 8,235,000 7,500,000 2 target Corp. 3,300,000 4,368,000 nEW StoRES 3 the Kroger Co. 2,000,000 1,900,000 Rank Company 2012 2011 4 CVS Caremark 1,900,000 1,900,000 1 Dollar General 625 625 5 Walgreens** 1,600,000 1,200,000 2 Family Dollar* 475 300 6 lowe’s Cos. inc. 1,400,000 1,400,000 3 Dollar tree 390 278 7 Costco** 1,182,000 1,020,000 4 CVS Caremark 250 247 the Home 8 1,100,000 1,200,000 5 Walgreens* 212 261 Depot 6 autoZone* 203 198 9 Macy’s 950,000 764,000 7 o’Reilly automotive 184 176 10 Safeway 900,000 1,100,000 8 Gap inc.** 160 122 875,000 - 11 the tJx Cos. 803,330 900,000 9 Walmart 158 160 12 J.C. Penney Co. 850,000 634,000 10 Game Stop** 150 285 13 Kohl’s 825,000 927,000 11 the tJx Cos. 140 143 14 Best Buy 766,000* 766,000 12 advance auto Parts 120 - 140 114 15 Gap inc. 675,000 548,000 13 Rue 21 120 120 Publix 14 Genesco 114 70 16 640,600 602,952 Supermarkets 15 Best Buy 100 146 17 Dollar General 625,000 514,900 16 tractor Supply Co. 90 - 95 88 18 Family Dollar 603,000 550,000 17 Big lots 90 92 19 nordstrom 500,000 511,000 18 aldi 80 75 450,000 - 19 Ross Dress for less 80 80 20 Supervalu inc. 700,000 500,000 20 the Children’s Place 60 88 Sears 21 400,000 432,000 21 Supervalu inc.***** 50 83 Holdings Corp. *Numbers for these retailers are for fiscal years that ended *FY 2012 10-K annual report indicates that FY 2013 capital in August expenditures will remain consistent. **Includes all company-owned stores, some of which are **Numbers for these retailers are for fiscal years that ended in located outside North America. August 2010 and 2011. *****See notes on chart for new food stores Source: Company reports/Chain Store Age research Source: Company reports/Chain Store Age research 40 chainstoreage.com DECEMBER 2012 across the United States. declined by about $700,000. In another key trend, major chains, including Target, Target’s decline came as its extensive PFresh fresh-food Walmart and Office Depot, are emphasizing smaller remodeling program starts to wind down. The chain will stores in urban areas. It’s a significant shift from their remodel 230 stores this year, versus 380 last year. It will suburban-oriented approach in the past. open 20 to 25 stores this year, about the same as last year. Other trends evidenced by this year’s survey include Similarly, Walmart will cut back to a handful of an ongoing emphais on portfolio optimization and remodels this year compared with 79 last year. footprint optimization, with many retailers, even specialty DEPaRtMENT STORES: Macy’s spent $950 million this apparel chains, rethinking the size of their prototype and year, opening seven new stores compared with three in 2011. downsizing stores for operational efficiencies. Revealing The company also completed a 1.3 million-sq.-ft. fulfillment data from the CoStar Group shows that Office Depot’s center. Emblematic of the rise of multichannel retailing, average lease size has shrunk by 25% compared to 2007; Macy’s fulfillment centers can now tap inventories in 280 Best Buy is down 25%. Macy’s stores to fill online orders. In July 2011, only 20 Capital spending fell from about $30 billion last year stores had that capability. to just over $28 billion in 2012 as two major retailers cut J.C. Penney spent $850 million this year as it began its back spending. Target cut its 2012 capital spending by ambitious plan to makeover the majority of its store space more than $1 billion this year. Walmart’s cap-ex spending to branded in-store shops. This year’s cap-ex spend helped to fit out men’s and women’s Arizona shops, Levi’s nEW SquaRE FootaGE Rank Company 2012 2011 1 Walmart 10,000,000 12,000,000 Methodology 2 Dollar General*** 4,852,000 4,605,600 The Retail Construction rankings were compiled from company reports, SEC filings, published statements and 3 the tJx Cos. 4,016,000 4,193,000 information provided by the retail companies. The re- 4 Dollar tree 4,009,200 3,194,540 port, while not intended to be all-inclusive or a ranking 5 Family Dollar* 3,396,250**** 2,479,550**** of all retailers opening stores, is a quantifiable represen- tation of construction activity among the most active 6 Walgreens* 3,074,000 3,784,500 builders in select sectors of retailing. 7 Big lots 2,691,000 2,720,800 timing: For the most part, the report highlights construc- 8 CVS Caremark 2,625,000 2,593,500 tion during fiscal years that correspond to the 2011 and 9 Costco* 2,574,000 3,718,000 2012 calendar years. The majority of companies included have fiscal years ending in December, January or February. 10 Ross Stores 2,248,300 2,248,300 Significant departures from this rule are noted. 1,600,000 11 target 2,979,000 Geography: This report focuses on North American (est. 1st half) portfolios. For retailers that have an international pres- 12 lowe’s Cos. inc. 1,450,000 3,625,000 ence outside North America, particularly those that are 13 the Home 1,408,000 1,408,000 headquartered outside the United States, have joint- Depot** venture ownership or franchise stores outside North America, the numbers charted only include activity in 14 tractor Supply 1,402,500 1,296,250 North America. Exceptions are made for some U.S.- Co. based retailers that own and operate stores globally, 15 aldi 1,390,800 1,303,875 and these exceptions are noted in the charts. 16 Kohl’s 1,344,000 2,000,000 new Stores opened: Because this is a construction report, the “new-store” numbers reflect the actual 17 autoZone* 1,326,199 1,299,179 number of stores opened, including relocated stores, 18 Bed Bath & Be- 1,005,200 1,240,000 but does not subtract store closings. yond Square Footage: This report reflects square footage added 19 Supervalu inc. 820,000 1,280,000 from new store openings, relocations or expansions. 20 hhgregg 660,000 1,155,000 Whenever possible, the amount cited is the actual number reported by the retailer. In many cases, the number is an *Numbers for these retailers are for fiscal years that ended in August 2011 and 2012. estimate based on the retailer’s typical store footprint. **Square footage based on average store size of 104,000 indoor selling sq. Capital Expenditures: This report has the actual ft. plus 24,000 sq. ft. of selling space outside. capital expenditures for 2011 and projected expen- ***Dollar General square footage does not include relocations ditures for 2012. Capital expenditures cover a wide ****Family Dollar square footage for new stores only. This under-reports the total because of substantial relocation, expansion and remodeling that array of investments, from store construction to other isn’t broken out. capital improvements. Source: Company reports/Chain Store Age research DECEMBER 2012 chainstoreage.com 41 Retail Construction SPECS Shops and i jeans by Buffalo boutiques in 683 stores. forward, the chain has said that 90% of its new locations will With capital expenditures down from $927 million to $825 be in the smaller footprint (less than 64,000 sq. ft.). million, Kohl’s opened 21 stores this year, compared with 38 Nordstrom opened 15 new stores this year, while in 2011. Remodels fell back to 50 from 100 in 2011. Kohl’s remodeling two. Neiman Marcus stepped up the pace to reflects the continuing shift among big-box retailers toward seven new stores in 2012, compared with three last year. smaller store footprints (other retailers in the group include Neiman also built a new distribution center. Stein Mart Best Buy, Staples, Office Depot, Target and Walmart). Going opened four new stores and remodeled six, compared with three new and one remodel last year. DiSCount StoRES Dillard’s had no new construction for the second year Stores opened Expansions and in a row. But the chain has a major portfolio remodeling Company 2012/2011 Remodels 2012/2011 effort under way and is building an 850,000-sq.-ft.
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