During the quarter, the retailer opened eight new stores, and the company now operates 291 units. This quarter JoS. A. Bank is scheduled to open at least 25 new locations, 17 of them in new developments, most of them lifestyle centers.
New markets the company entered during its Q2 include Athens, GA; Ft. Myers, FL; El Paso, TX; and Scottsdale, AZ. Executives say they expect to see more growth in the Southern and Southwestern parts of the country.
Company executives are planning 60 stores next year and have forecast 500 total stores for the chain, though Robert N. Wildrick, JoS. A. Bank's CEO, said during a conference call that the total could increase. "It could conceivably be more than 500 stores based on the fact that we're putting stores very close to each other and getting 50% to 80% new customers," he said.
Another way JoS. A. Bank could grow is through acquisitions. The firm has looked at competitors to acquire but has yet to find one, Wildrick said. "We are not going to get involved in an acquisition because it feels good," he said. "It has to be a good business decision."
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