Ollie's Bargain Outlet Expands with 40 New Store Locations
Ollie's Bargain Outlet Expands Its Presence
Ollie's Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) is excited to announce a significant development in its growth strategy with the acquisition of 40 former Big Lots leases. This move comes as part of the company’s ongoing efforts to enhance its market footprint and provide value-driven shopping experiences for its customers.
The acquisition of these additional store locations is under final review, ensuring compliance with the necessary bankruptcy court approval and closing conditions. With this latest acquisition, Ollie's has successfully obtained a total of 63 former Big Lots store leases, a strategic addition that reflects the company’s commitment to expansion.
Eric van der Valk, the President and Chief Executive Officer of Ollie's, expressed genuine enthusiasm about this new venture. He noted that the locations have been carefully chosen to align with the company’s operational and growth strategies. These stores are ideally sized, come with favorable leasing arrangements, and are strategically situated within existing or nearby trade areas, making them perfect for Ollie’s diverse consumer base.
Strategic Growth Plans
In discussing the company’s strategic growth plans, Mr. van der Valk explained how Ollie’s intends to manage this acquisition in a way that maximizes both operational efficiency and financial performance. This approach involves adjusting new store openings to prioritize the newly acquired locations, ensuring that Ollie's can make the most of each opportunity.
Ollie's is not just focused on expansion for the sake of numbers. The intention is to create sustainable long-term growth, allowing for an acceleration of new store openings. As part of their strategy for the coming year, the company is looking to surpass the standard 10% annual growth target, aiming to open approximately 75 new stores. This aggressive growth plan underscores Ollie’s commitment to meeting the needs of value-conscious consumers nationwide.
About Ollie’s Bargain Outlet
Ollie's stands as America’s largest retailer specializing in closeout merchandise and excess inventory. The company has built a reputation for offering genuine brands at incredibly low prices, ensuring customers find exceptional value across a wide range of products. These products include housewares, food items, books, toys, health and beauty aids, and so much more.
As of now, Ollie's operates 568 stores situated across 31 states. This remarkable network allows the company to cater to millions of shoppers looking for quality products at discounted rates. With their ongoing expansion plans, Ollie's is poised to further establish itself as a leader in the retail sector.
Communicating with Customers and Stakeholders
Ollie's values transparency and strong communication with its customers and stakeholders. Anyone interested in learning more about the company’s operations, future plans, or recent acquisitions can find a wealth of information on their website.
Frequently Asked Questions
What is the significance of the acquisition of the 40 stores?
This acquisition allows Ollie’s to expand its market presence and enhance operational capacity, aligning with its strategic growth goals.
How many stores does Ollie's currently operate?
As of now, Ollie's operates 568 locations across 31 states, catering to a diverse customer base.
What type of products does Ollie’s offer?
Ollie’s specializes in closeout merchandise, providing a variety of products, including housewares, food, toys, and health and beauty aids at discounted prices.
What is the company’s projected growth target?
Ollie's aims to exceed a 10% annual growth target, with plans to open about 75 new stores in the coming year.
Who can I contact for more information about Ollie’s?
For inquiries, you can reach out to Ollie’s corporate communication team via email at JRouleau@ollies.us.
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