Discount retailer Ollie’s is expanding rapidly, with plans to open at least 50 new stores by the end of the year. The company has been acquiring former Big Lots locations as part of its growth strategy.
In an earnings call on Tuesday, Ollie’s executives revealed that they had acquired dozens of former Big Lots locations at a low cost. The former Big Lots stores were seen as “warm boxes” with minimal changes needed to reopen them.
Ollie’s CEO Eric van der Valk credited the company’s acquisition of these locations for increased inventory access, particularly in areas where Big Lots had stopped competing for discount goods. However, Ollie’s is not the only discount retailer taking over Big Lots locations – Ocean State Job Lot has also acquired 15 locations and plans to reopen them under its own brand.
The expansion comes as Big Lots itself is plotting a major comeback after being purchased by Variety Wholesalers during its bankruptcy process. The company plans to reopen 78 locations by June 5, marking a significant turnaround despite the risk of hundreds of closures in the past.
As Ollie’s continues to expand, it currently operates around 561 locations and has set itself up for strong growth in the coming years.
Source: https://www.the-sun.com/money/14387313/ollies-purchased-big-lots-locations-opening-new-stores