Ross Stores is already nearly one-third of the way toward its goal of opening approximately 100 new stores in fiscal 2022. In February and March 2022, the discount retailer opened 22 Ross Dress for Less locations and eight dd’s DISCOUNTS stores in 15 states and Guam.
The retailer’s goal is to add a total of 75 Ross and 25 dd’s DISCOUNTS stores by the end of its current fiscal year on Jan. 28, 2023. Currently the company operates a total of 1,952 stores under both banners in 40 states, the District of Columbia and Guam.
“We recently raised our store potential targets for both Ross and dd’s DISCOUNTS,” said Gregg McGillis, Group EVP for Property Development at Ross Stores in a statement. “Our return to stronger unit growth in 2022 reflects our believe that Ross can ultimately grow to 2,900 locations and dd’s DISCOUNTS can become a chain of 700 stores given consumers’ ongoing focus on value and convenience.
“Our continued expansion of both chains also demonstrates our commitment to further building our presence in both existing and newer markets,” McGillis added.
For fiscal 2021, which ended Jan. 29, 2022, Ross achieved total sales of $18.9 billion, up 18% from the $16 billion in sales the previous fiscal year, and increased comp store sales by 13%.
Discount retailers apparently see their growth tied to more brick-and-mortar locations. In recent months several have announced plans to expand their store footprints, including:
- Aldi: Planning to add 150 stores to its current 2,100-store fleet, announced in February 2022;
- Big Lots: Planning to add 500 stores over the next six to seven years, announced in January 2022;
- Dollar General: Planning to open 1,000 pOpshelf stores and expand into Mexico, announced in December 2021; and
- Dollar Tree: Planning to add 600 new stores and renovate 1,250 locations, announced in March 2021.