This Discount Retailer Is Finding New Locations Where Others Are Trying to Leave | Global News Avenue

When Burlington Store (Festival) When looking for new locations, it sometimes looks for places where other companies can’t do their work.

The discount retailer, formerly known as Burlington Coat Factory, reported its latest quarterly results earlier today and said it still expects to add more than 100 net new stores this year, even after closing more than a dozen stores. Some of the new stores were previously owned by other retailers, executives said Tuesday.

Most new Burlington stores are leased after a relatively typical search and leasing process. “But over the last few years, we’ve been able to leverage that by selectively acquiring existing leases from retailers that were going through bankruptcy proceedings,” Chief Executive Michael O’Sullivan said on a conference call. Supplementing our new store channel ” provided by AlphaSense. “This approach allows us to access centers that would otherwise be inaccessible.

O’Sullivan said the process allowed Burlington to select more than 60 former players. Bed bath and more Last year’s location. “This year, we have acquired or are building dozens of stores from other distressed retailers,” he said Tuesday.

Burlington said it expects to open 100 net new stores next year and may open at least 500 net new stores by the end of 2028.

Burlington’s shares, which have recently fallen about 2%, are up more than 40% year to date. The company said third-quarter sales rose 11% year-over-year, with same-store sales rising 1%. Fourth-quarter sales are expected to rise 5% to 7%, with same-store sales flat to up 2%.