Jos. A. Bank Expands Despite Down Market

HAMPSTEAD, MD-Things are not bad all over. Jos. A Bank Clothiers Inc. (JOSB) has completed the expansion of its $3.5 million, 30-acre distribution facility and will now have the capacity to support up to 400 of its outlets. After having opened 21 stores this year alone, the 96-year old men’s apparel company currently has 135 retail outlets spread over 29 states. Adding 50,000 sf to its 200,000-sf distribution facility will allow the company to accommodate the 20 to 30 additional stores it plans to open in 2002.

State and local groups financed part of the company’s multi-million dollar expansion. In return for enlarging its headquarters in the area and increasing its work force of 254 by 22% come the end of 2003, Maryland gave the company $131,250 in grants for the project. Carroll County gave JOSB $300,000.

Despite a slumping economy, the company is in a good position to achieve its goals of increasing its presence throughout the country and providing more jobs. In a statement last year, company President and CEO Robert Wildrick explains: “Our goals for 2001: to open 30 new stores, mostly in existing markets; to introduce our new prototype store, the first of which opened in Charlottesville, Virginia, in March 2001; to increase Internet sales, which have already exceeded expectations; and to break our own record earnings.” JOSB has come close to achieving its projected store-opening goal, and has succeeded in all other objectives. While most retailers have suffered sales losses in comparison to last year’s numbers, JOSB has seen regular increases. Sales for November were up 6.6% over the same period in 2000.