That’s not a prediction but an educated guess now that four of the company’s namesake Ross Dress for Less stores operate in the state.
They debuted last month in malls and plazas in Cheektowaga, outside Buffalo; in Gates, a suburb of Rochester; up north in Plattsburgh; and in Middletown in the Hudson Valley.
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The four were part of a 100-store expansion by Ross Stores, one of the Big 3 off-price apparel and home goods retailers that shares that title with Burlington Stores and TJX Cos., parent to T.J. Maxx, HomeGoods and Marshalls.
All three reported solid third quarters in the last week, with comparable-stores sales — a key barometer of retailer success — in the 5% to 6% range. Revenue for the quarter for each was in the billions, up a healthy 7% to 12% from the same quarter last year.
Analysts say the off-price leaders are having a good year as inflation-pinched consumers shop them for bargains and full-price retailers continue to offload excess inventory.
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The Big 3 are cautious, though, in looking ahead, with Ross executives citing “macroeconomic volatility … and, more recently, geopolitical uncertainty” as worry points.
Despite that, “we remain confident in the resilience of the off-price sector and our ability to operate successfully within it, especially given consumers’ heightened focus on value and convenience,” CEO Barbara Rentler said on the company’s third-quarter conference call with analysts.
Ross’ New York entry helped reach the earlier announced fiscal 2023 addition of 75 Ross Dress for Less and 25 dd’s Discounts stores. Overall, they have more than 2,100 storefronts in 43 states, the District of Columbia and Guam.
Dress for Less, the larger of the two, targets middle-income households with discounted name-brand apparel, accessories, shoes and items for the home. The dd’s customer has a more moderate income than the Dress for Less shopper; stores still offer name-brand merchandise but are found in more densely populated urban or suburban neighborhoods, according to the Ross annual report.
The new stores in New York repurposed space formerly occupied by other retailers: Staples, Best Buy, and Bed, Bath & Beyond, media reports show.
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A Ross corporate spokeswoman said the company is “opportunistic” when looking at potential sites, “taking into consideration the size, location and economics to see if it makes sense for Ross.”
As to other considerations, “We look for favorable demographics that are in sync with our target customer; healthy densities of population, good visibility, high traffic and strong co-tenancy are also important factors.”
Seems to describe many shopping districts in the Capital Region, right?
The Ross representative sidestepped committing to more New York stores or saying whether the Albany-Schenectady-Troy metro was on the company’s radar.
“We have not announced our store expansion plans for 2024 yet,” she said via email.
Source: https://t-tees.com
Category: WHY
