Discount retail giant Ross Stores, Inc. continues to execute its expansion strategy, as the off-price retailer opens a total of 24 new locations across the United States.
Ross Stores recently opened 21 Ross Dress for Less stores and three dd’s Discounts stores in 17 different states in June and July. These new retail locations, which include openings in states such as New York, Texas, and Michigan, are part of the company’s strategy plan to open approximately 90 new stores during the fiscal year 2024.
“These recent openings reflect our ongoing plans to continue building our presence in both existing and newer markets,” said Richard Lietz, executive vice president of property development at Ross Stores, Inc., in a statement.
“This summer, Ross expanded its footprint in several existing markets and added locations in Michigan, Minnesota, and New York, states we entered last year, while dd’s also expanded its presence in Colorado, Pennsylvania, and Texas. Looking ahead, we remain confident in our ability to grow to at least 2,900 Ross Dress for Less and 700 dd’s Discounts locations over time.”
Ross Stores, Inc. currently manages a network of 2,148 stores across 43 states. Its expansion comes as many American households struggle financially. Over the past four years, savings have significantly declined. In Q4 2023, Americans saved just 3.4 percent of their monthly income, a sharp drop from 32 percent in April 2020, according to data from the Government Accountability Office.
JPMorgan’s analysis indicates that resuming student loan repayments, reduced SNAP benefits, and tax refund delays could impede consumer spending by 10 billion USD in 2024. Despite the economic challenges facing consumers, discount retailers like Ross Stores are benefiting, with the top four chains attracting nearly three billion visits annually from March 2023 to March 2024.
