Ross Stores Inc. has set its sights on reaching a store count of 3,000, and it plans to open 100 new doors this year as it looks to close in on that goal.
The off-pricer opened 19 Ross Dress for Less and seven DD’s Discounts stores across nine different states during February and March, part of its plan to christen 75 Ross Dress for Less nameplates and 25 DD’s before 2020 is over. The company launched 98 stores last year.
The retailer currently operates a total of 1,831 Ross Dress for Less and DD’s stores, including the new additions, across 39 states, the District of Columbia and Guam.
“These recent openings reflect our ongoing plans to continue building our presence in both existing and newer markets, including the Midwest for Ross, and expansion of DD’s Discounts into Indiana,” Gregg McGillis, group executive vice president, property development, said.
The Midwest is a newer market that the company expanded into in 2019 for both nameplates. DD’s also entered the state of Virginia last fall.
The retailer raised its store base targets for both nameplates in August 2018. The long-term projected stores potential is 3,000 doors, up from the prior target of 2,500 locations.
“This is based on our research that indicates we can now further increase penetration in both existing and new markets,” CEO Barbara Rentler told Wall Street analysts at the time.
That projection was reiterated by McGillis on Monday: “As we look out over the long-term, we remain confident that Ross can grow to 2,400 Locations and DD’s Discounts can become a chain of 600 stores given consumers’ ongoing focus on value.”
Ross’ fiscal 2019 revenues totaled $16.0 billion. The retailer touts savings at its Ross nameplate of between 20 percent to 60 percent off department and specialty store regular prices every day for first-quality, in-season, name brand and designer apparel, accessories, footwear and home fashion for the family.
The company’s DD’s operation has a similar first-quality and in-season focus across the same range of categories, but in the moderate-price sector. It offers savings of between 20 percent to 70 percent off moderate department and discount store regular prices every day.