2023 is looking up for the retail sector with an influx of new store openings.
In the new year, discount chain store Five Below plans to open 200 new stores – the most aggressive expansion plan in the company’s history. It seems that discount stores are on the rise as a whole, with Dollar General and Family Dollar also reporting new store openings this year.
Sam’s Club is also planning to open 30 new stores across the country over the next several years, with its first new opening slated for 2024 in Florida. In addition to the new store locations, the company is also planning on opening five new fulfillment and distribution centers, with the first one opening in Georgia later this year. “We’ve seen remarkable growth over the past few years with a record number of members, and we’re excited to bring the experience of Sam’s Club to even more markets as we expand our footprint,” said Kathryn McLay, Chief Executive Officer of Sam’s Club.
Smaller Footprint Stores
The NRF predicts that smaller footprint stores will flourish as retailers experiment with new formats. With shoppers eager to get back into brick-and-mortar stores after being stuck at home during the pandemic, retail store openings saw an unexpected uptick. Some retailers seeing success with their smaller format stores include DSW, Target, Barnes and Noble, among others.
Over the next four years, Kohl’s plans to open 100 new, smaller format stores. And Sephora will open smaller shops in 850 Kohl’s locations in the coming year. These shop-in-shops cater to customer convenience by decreasing the number of stores shoppers have to visit in order to purchase what they need.
New Flagship Store Openings In London
Many retailers have plans to open new flagship stores in 2023. Some of them are quite highly anticipated, such as the new Ikea store coming to Oxford Street in London this Fall.
“There are some new components that we haven’t tried in any Ikea location in the past. Things that we think that can increase engagement, local relevancy and provide a voice for certain topics that are important for Londoners,” said Tolga Öncü, Ikea’s Retail Operations Manager. London will also soon be seeing a 6000-square-foot flagship Sephora location coming to Westfield London.
Upcoming U.S. Store Openings
Academy Sports and Outdoors is planning 16 new store openings this year, and has plans for 80 to 100 new stores over the next five years. Boot Barn plans to open 40 new stores with expansions in New York, Connecticut, and Maryland. Nordstrom is also planning six new store openings this year.
Ralph Lauren has plans to open more than 250 stores over the next three years, focusing on 30 top cities around the world. “Our ‘Next Great Chapter: Accelerate’ plan is grounded in this meaningful progress, building on our elevated brand positioning and desirability; our distinctive, timeless products and experiences across multiple categories; and our expanding reach in key cities around the world,” said Patrice Louvet, President and CEO of Ralph Lauren.