Ollie’s Bargain Outlet has acquired 40 former Big Lots stores, jumpstarting its plans to open 75 new stores by February 2026. Other low-price retailers have been buying stores from the now-bankrupt Big Lots; in December 2024 Variety Wholesalers announced plans to purchase 200 to 400 Big Lots stores in the wake of the retailer’s September 2024 voluntary Chapter 11 filing.
Ollie’s announced its real estate plans along with its financial results for FY 2024, which ended Feb. 1, 2025. The retailer, which currently operates 559 stores in 31 states, boosted net sales 8% compared to the previous fiscal year, reaching $2.27 billion. Comparable store sales climbed 2.8% over the previous year.
“With so many retailers closing stores or going bankrupt in the past year, there are a considerable number of abandoned customers, merchandise, real estate and talent in the marketplace,” said Eric van der Valk, President and CEO of Ollie’s in a statement. “We think there is a unique opportunity to take on some of these assets in a manner that strengthens our competitive positioning, broadens our footprint and bolsters shareholder returns for years to come.”
Discount Retail Looks Set to Win Amid Current Economic Upheaval
The return of inflation and general economic uncertainty could be a harbinger of growth for discount retailers, although some are remaining conservative with their expansion plans. Dollar General had strong growth in FY 2024 but is still planning to shutter 140 stores by April 2025, while Ross Stores is planning to open 90 stores by the end of its 2025 fiscal year in February 2026, moving toward its long-term goal of operating a total of 3,600 stores.
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