The retail industry is evolving now more than ever. Even amid a global pandemic, there are pockets of growth within brick-and-mortar retail.Although bankruptcies have been evident, there are some companies in the industry who are paving a pathway to long-term growth. Recently, retailers within the beauty, home goods, grocery and discount sectors have announced that they are planning for expansions in 2020 and beyond.
Here are nine of those retailers who are bringing a positive outlook to the future by opening more stores:
- At Home
The home goods retailer had a successful second quarter, with sales at 51% and their best-ever same-store sales growth at 42.3%. At Home’s strong sales numbers during the pandemic have shown positive momentum for growth in the company. Chief Executive Officer Lee Bird said earlier this summer that the retailer could grow from 219 locations to more than 600 nationwide.
- Five Below
Five Below is planning to open 110 to 120 new stores this year alone. With nearly 1,000 stores already, Chief Executive Officer Joel Anderson said the company has the potential to grow to more than 2,500 stores.
- BJ’s Wholesale
BJ’s Wholesale has seen a significant boost during the pandemic from those looking to stock up on bulk items. The company is opening two new stores in New York this fiscal year, and six additional stores next year. BJ’s Wholesale currently operates 219 clubs and 148 gas locations.
- Lidl
The German-based grocery chain has released plans to open 50 new stores by the end of 2021. The company currently owns about 100 locations across the US, but with this expansion they could serve as a fierce competitor against other grocery chains. Since Lidl opened their first grocery store in the US just two years ago, they’ve served aggressive growth plans.
- Burlington
The off-price retailer expects to open a net of 36 additional stores in fiscal 2020. Burlington’s Chief Executive Officer Michael O’Sullivan believes that the pandemic will create an even stronger desire for value shopping, resulting in a long-term market for off-price retailers like Burlington.
- Old Navy, Athleta
Gap Inc, which houses Old Navy and Athleta stores, has announced plans to grow these two retail brands. A number of new Old Navy and Athleta locations will be opened, however an exact number has not been released yet. Old Navy and Athleta have been Gap’s strongest performing brands as of late.
- Tractor Supply
The largest rural lifestyle retailer in the US has already opened 18 new stores in their fiscal second quarter. By the end of this year, Tractor Supply will have opened 75-80 new shops altogether. Currently, the retailer has about 1,900 stores across the nation. The retailer also saw a successful second quarter, with net sales surging to 35% and net income jumping to 54.5%.
- Ollie’s Bargain Outlet
Ollie’s Bargain Outlet has seen incredible momentum during the pandemic, with a net income that soared to 295% in their second quarter. Their total net sales for the period also came in at $529.3 million, surging 58.5%. This was Ollie’s best sales period in their 38-year history as a company. The retailer plans to capitalize on their success by opening 50-55 new stores each year.
- Ulta Beauty
Ulta’s goal is to operate a total of 1,700 stores. At least 30 of these locations will be opened next year. The in-store experience is vital to the success of Ulta as a leading beauty retailer. With 1,264 locations currently, Ulta has their sights set on long-term growth and success.
“The role of physical retail in beauty remains crucial to the shopping experience,” said Mary Dillion, Ulta’s Chief Executive Officer during a conference call last month.
Source: 9 Retailers Opening Stores – CNBC
Photo Credit: Business Wire
