The outlook for a lot of the retail industry isn’t exactly rosy at the moment. Major players like Kohl’s are scrambling to regain momentum after reporting a drop in sales and a dismal forecast for the coming year. Others, like JOANN, are closing up all of their shops nationwide and going out of business. But it’s not all doom and gloom out there: Some companies are actually ramping up business and getting ready to increase their footprint. This includes Ollie’s Bargain Outlet and Ross, both of which have announced major expansion plans for the upcoming year.
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Ollie’s Bargain Outlet just made a major acquisition.
In some cases, one store’s loss is another’s gain. Last September, Big Lots finally declared bankruptcy after months of speculation over the future of the company. But while the company has plans to shut down many of its existing stores, some of them will see a new life in retail as Ollie’s Bargain Outlet locations.
"We are excited to announce the acquisition of an additional 40 former Big Lot store locations," Eric van der Valk, president and CEO of Ollie’s, said in a news release on Feb. 27. "Everything about these stores lines up well with our business and growth strategy. These locations are the right size, come with favorable lease terms, are located in existing and adjacent trade areas, and have long serviced value-conscious consumers."
The latest acquisition brings the total number of former Big Lots locations picked up by the discount furniture chain to 63, per the press release.
Some new Ollie’s locations have already been announced.
If the acquisitions themselves weren’t any indication, Ollie’s Bargain Outlet has maintained that it will continue to open stores throughout this year. Now, company leadership says its plans for the future have changed.
"We will adjust our existing new store openings and prioritize the opening of the acquired stores in a manner that makes the most operational and financial sense," van der Valk said in the press release.
Van der Valk also confirmed that the company will open at least 75 more stores this year. As of March 13, the store announced it will cut the ribbon at locations in:
- Union City, Tennessee (March 13)
- Warsaw, Indiana (March 13)
- St. Mary’s, Ohio (March 19)
- Big Rapids, Michigan (March 19)
- Newington, Connecticut (March 20)
- Rutland, Vermont (March 27)
- Neenah, Wisconsin (March 27)
Ross is also expanding its retail footprint.
This week, clothing retailer Ross Stores announced it would open 80 new stores by the end of this year, per a press release. The company said it would also open 10 more locations of its dd’s Discounts store.
"This spring, we continued to expand the store base of both Ross and dd’s," Richard Lietz, executive vice president of property development at Ross Stores, said in a statement. "Specifically for Ross, we expanded our presence in the newer markets of Connecticut, Minnesota, New Jersey, and New York, while dd’s growth primarily focused on existing markets of California, Georgia, and Texas."
Ross plans even more future growth.
The latest expansion news comes in the wake of some recent changes to the company’s C-suite. This includes promoting a new chief merchandising officer for Ross Dress for Less, as well as picking up a new CEO in November, Retail Dive reports. And even with planned openings on the horizon, leadership says there are no plans to stop there.
