X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HAMPSTEAD, MD-JoS. A. Bank Clothiers will open more and smaller stores in order to establish better relationships with its customers, executives said at the company’s third-quarter conference call. Plans call for opening 50 stores annually for the near future to achieve a goal of “at least” 600 stores nationwide, said Robert N. Wildrick, CEO and executive chairman.

By fiscal year-end, the company will have opened approximately 50 stores, ending with between 425 and 450 units. “We prefer to open more stores, instead of larger stores far from the customer,” Wildrick said. “This allows us to know our customers and have a relationship with them.”

In addition, diversifying the store base will reduce the impact of any poor real estate decisions, and cut back on customer driving. “Core” markets, such as Chicago, Boston, Philadelphia and Los Angeles, will remain key to the expansion.

Sales for the quarter were $131.3 million, up from $119.5 million in the same quarter of the previous year. Comp-store sales rose 3.1%. Earnings for the quarter were $7.1 million, up from $5.5 million in the year-ago quarter.

The locally based men’s apparel retailer operates 415 stores in 42 states and the District of Columbia.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE 2020Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.