Ross Stores to Add 100 Stores in 2019
Ross Stores will be opening 100 new store locations in 2019. So far this year, the Dublin, Calif. off-price department store chain has opened 22 Ross Dress for Less and six dd's Discounts stores across 12 different states. The new locations are part a company plan to add approximately 100 new stores, 75 Ross and 25 dd's Discounts locations during fiscal 2019. Ross is currently the largest off-price apparel and home fashion chain in the U.S. with 1,502 locations. The news comes as many retailers announce store closures, including Macy's, J.C. Penney, Gap, Victoria's Secrets, and others.
Total Retail's Take: Some positive news for the retail industry after what has been a challenging start to 2019. In fact, the industry has seen nearly 5,000 store closures already this year, close to equal the total for all of 2018 (5,524), according to Coresight Research. Despite all of the headlines announcing a "retail apocalypse," the off-price sector has been able to consistently produce strong sale and profit growth, and continues to increase its store count. In addition to Ross Stores, TJX (parent company of TJ Maxx, Marshalls, HomeGoods) last month reported better-than-expected fiscal fourth-quarter earnings amid strong same-store sales. The struggles of traditional department store chains such as J.C. Penney, Macy's, and Sears has provided an opportunity for off-price retailers to capture market share. And much like its bargain-hunting customers, Ross Stores and other off-price chains are finding what they're looking for.
