Dick’s Sporting Goods plans to add over 300 stores by 2018
Pittsburgh — Dick’s Sporting Goods on Wednesday detailed its long-term plan to deliver sales and operating profit growth and drive shareholder value over the next five years, with the company’s namesake stores, new Field & Stream retail format and omnichannel platform driving its growth.
Dick’s anticipates growing its store base to over 800 namesake stores by the end of fiscal 2017, an increase of approximately 300 stores from the 518 stores it operated at the end of fiscal 2012. The chain will continue to remodel its existing stores to keep them fresh, focusing on key initiatives such as vendor shops and shared service footwear decks.
In addition, Dick’s plans to grow its new Field & Stream outdoor specialty store concept to approximately 55 locations and $750 million in sales by the end of fiscal 2017.
On the omnichannel front, the company plans to grow e-commerce sales to approximately $1.1 billion by the end of fiscal 2017, from $292 million in fiscal 2012. Dick’s also revealed it is planning to internally control its e-commerce platform, beginning with Golf Galaxy and Field & Stream in 2014 and Dick’s Sporting Goods by the end of fiscal 2017.
"We are excited about the profitable long-term growth opportunities across our business in our Dick’s Sporting Goods stores, on-line and through our Field & Stream concept," stated Edward W. Stack, chairman and CEO.
During its Analyst Day meeting, Dick’s presented a sales target of $10 billion by the end of fiscal 2017, representing a 5-year compounded annual growth rate of approximately 11% from fiscal 2012 sales of $5.8 billion.
"To support our long-term goals, we intend to make meaningful investments in our business in the near-term,” Stack said. “We are timing these investments to stay ahead of our needs and to produce sustainable, long-term advantages. Even with approximately $1.8 billion of capital expenditures to support our $10 billion sales target, we expect to expand our operating margins."
Saks Off 5th plans seven new stores
New York – Saks Inc. plans to open seven new Saks Fifth Avenue Off 5th stores in 2014: The Outlets at Bloomfield in Pearl, Miss.; Potomac Mills in Woodbridge, Va.; Palm Beach Outlets in West Palm Beach, Fla; Outlet Shoppes at Louisville/Lexington, Ky.; Twin Cities of Eagan in Minneapolis, Minn.; The Mayfair Collection in Mayfair, Wis.; and Easton Gateway in Columbus, Ohio.
The stores will range from 25,000 sq. ft. to 28,000 sq. ft. and will be modeled in Saks Fifth Avenue Off 5th luxury-in-a-loft store design. Since its debut in 2008, the design has maximized efficiency and flexibility, enabling easy changes in the general layout. The new stores will be bright and uncluttered, with no hard aisles and one consistent, hard-surface floor throughout. All fixtures will be on casters, ensuring ease in movement, and all hardware will be interchangeable between fixtures.
“We look forward to the continued expansion of the Saks Fifth Avenue Off 5th store base into new markets and to provide our customers with a state-of-the-art shopping environment,” noted Robert Wallstrom, President of Saks Fifth Avenue Off 5th. “The seven new stores are located in key communities and will be important additions to the company. We are excited to serve the customers of these communities with premium designer brands at an extraordinary value.”
Saks currently operates 70 Saks Off 5th stores.
Saks Fifth Avenue Off 5th plans new Florida store
New York — Saks Fifth Avenue Off 5th plans to open a new store in Aventura, Fla., on Sept. 20.
The store will be located in Town Center Aventura developed in partnership with Turnberry Media and will be the third Saks Fifth Avenue Off 5th location in Miami. The 28,000-sq.-ft. layout includes an open floor plan, moveable fixtures and bright lighting.
“Miami, Florida is a great market for Saks Fifth Avenue Off 5th, where we have many loyal customers,” said Robert Wallstrom, president of Saks Fifth Avenue Off 5th. “We believe the opening of our new store at the Town Center of Aventura will quickly become a premier destination for shoppers in this vibrant market. Our new store will allow us to better showcase our unique product, great service and extraordinary savings.”