The retailer plans to add 50 new stores in 2022 and more than 80 stores per year after that.
The openings, together with initiatives to boost merchandise sales productivity and grow e-commerce, are aimed at bringing the retailer's sales to $8 to 10 Billion in the long term.
Similar to off-price retailers like TJX Cos., Ross Stores and Burlington, Big Lots relies on the "Treasure Hunt" approach to retail to drive customers to its stores and keep them coming back, looking for deals and surprise finds.
In addition, Big Lots has a wide assortment that includes food and consumables, which make up a quarter of its sales, electronics, furniture, home goods and seasonal products.
They are also committed to digital and omnichannel growth with e-commerce penetration at 5%. Going forward, Big Lots goal is to achieve $1Billion in sales with 10-15% penetration.
New store growth, is expected to add up to $2 Billion in additional sales.
Source: Retail Dive
Comments