As big name retailers such as Sears and Kohl’s attempt to turn their businesses around by closing brick-and-mortar stores, value-price retailers are busy expanding their physical footprint.
Ross Stores, for example, is following in Dollar General’s footsteps by announcing store expansions in 2016. The off-price retailer has already opened 22 Ross Dress for Less stores and six dd’s Discounts stores in 15 different states during the past two months.
The retailer’s year-end results were promising, with sales for the 2015 fiscal year up by 8% to $11.9 billion, demonstrating that discount stores are a force to be reckoned with.
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“These recent openings reflect our ongoing plans to continue building our presence in both existing and newer markets, including the Midwest for Ross, and expansion of dd’s Discounts,” said Jim Fassio, President and Chief Development Officer of Ross in a statement. “We continue to identify plenty of domestic growth opportunities ahead for both Ross and dd’s Discounts, and believe that over the long term, Ross can grow to 2,000 total locations and dd’s DISCOUNTS can become a chain of 500 stores.”
Home goods retailer Conn’s is on a similar path. The retailer plans to expand its 73-store footprint with 10 to 15 new locations in fiscal 2017, while making investments in technology, credit and personnel.
Conn’s recently appointed President and CEO Norm Miller as Board Chairman, effective May 2016.
