If you're in the market for new furniture and home goods, you may soon have a new showroom to peruse.
Discount retailer Big Lots has plans to open 500 new stores -- or more -- across the country in the coming years.
The retailer is ready to put their plan in action, too, opening at least 50 stores this year and an anticipated 80 more each year after that, the company said in an investor presentation.
The new stores will be located in existing markets, rural and small towns, and in new areas, according to the presentation. In addition to furniture, Big Lots sells home goods, apparel, food, electronics and seasonal products.
The company told investors that expanding its footprint is part of a larger plan to boost merchandise sales and grow e-commerce. The company estimates that the store growth could add up to $2 billion in sales to help reach its long-term goal of $8 to $10 billion annually.
The retailer is also looking to update 800 stores with an upgraded brand experience. At least 250 stores are expected to be refreshed by mid--2022 with upgrading signage, flooring, wall graphics, painting and remodeled bathrooms.
Big Lots currently operates 1,431 stores in 47 states.
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