Ross is approaching his target of opening 100 stores this year.
Ross Stores on a Roll 🌟
This summer is shaping up to be a big one for Ross Stores! The retail powerhouse has just announced the opening of 27 new stores across the nation, and they're not slowing down anytime soon.
With 18 Ross Dress for Less stores and 9 DD's Discounts stores unveiled in 14 states, Ross is on track to add a whopping 100 new stores by the end of their 2023 fiscal year, with 75 Ross and 25 DD's Discounts locations on the horizon.
Gregg McGillis, Ross's Group Executive Vice President of Property Development, is thrilled about the expansion. "This summer, Ross Dress for Less made its debut in Michigan, while DD's Discounts strengthened its presence in Arizona, California, Florida, Georgia, Oklahoma, and Pennsylvania," he said. McGillis remains optimistic about their long-term growth, aiming to reach at least 2,900 Ross Dress for Less and 700 DD's Discounts locations in the future.
CEO Barbara Rentler confirmed that Ross opened 11 namesake stores and 8 DD's stores in Q1. Despite plans for 100 new locations, Rentler reassured investors and analysts that this doesn't account for the closure or relocation of approximately 10 stores. Ross has extended Rentler's tenure as CEO until 2026.
As of Monday, Ross operated 2,061 stores in total: 1,722 Ross locations in 41 states, Washington, D.C., and Guam, and 339 DD's Discounts stores in 22 states. Ross Stores offers top-quality, seasonal name brand and designer apparel, footwear, and home fashions, while DD's Discounts offers more affordably priced goods.
In Q1, Ross reported a total sales revenue of $4.5 billion, a 3.7% increase from last year, and a 1% increase in comparable sales. Ross's fiscal year 2022 revenue reached an impressive $18.7 billion.
When asked about potential opportunities for new stores in former Bed Bath & Beyond locations, which filed for Chapter 11 in April, Ross revealed they are open to the idea. However, no purchase of former Bed Bath & Beyond locations by Ross has been confirmed as of yet. Other retail chains, like Burlington, have acquisitions and renovations underway for more than 100 former Bed Bath & Beyond sites[1]. Ross did not respond to Retail Dive's inquiry regarding purchases of former Bed Bath & Beyond locations.
Looking ahead, the former Bed Bath & Beyond sites will likely yield opportunities for new stores. Ross's Chief Operating Officer, Michael Hartshorn, mentioned that each potential site will be evaluated on a case-by-case basis to determine its suitability for Ross[2]. As the retail landscape continues to evolve, it's exciting to see what's next for Ross Stores! 🌐🛍️
([1] Burlington Coat Factory acquires more than 100 former Bed Bath & Beyond locations [2] Ross Stores May Earnings Call Transcript)
- The AI-driven forecast for Ross Stores suggests a promising future for the fashion industry, with the potential acquisition of former Bed Bath & Beyond locations.
- The expansion of Ross Stores is not limited to the retail sector but also includes the finance industry, as they aim to reach approximately 2,900 Ross Dress for Less and 700 DD's Discounts locations.
- Ross Stores' advancement in the AI field could revolutionize the business world, as they evaluate potential sites for new stores on a case-by-case basis, including former Bed Bath & Beyond locations.
