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BOPUS orders are currently skewing toward bigger-ticket furniture and seasonal items, and customers are also adding smaller consumable items to their purchases when picking up orders in-store. “Today, we probably have five to six stores fully complete and we’re reading those results. By the 2019 holiday season, Big Lots projects that it will have added 250 Stores of the Future in the current year to its previous base of 200 units. The new store, located in Grandview, Ohio, opens on Nov. 9 and reflects a new format showcasing Furniture, Seasonal, Soft Home, Food, and Consumables with prominent positioning in the store, and is part of a broader initiative to reposition the brand as a community retailer offering trustworthy value and friendly service. Remodeled units generally experience a high-single-digit sales expansion in the first year and continue to outperform Big Lots' total store base two years later. The period’s highlight was a 3.4% comp gain, which was on the high end of Big Lots’ 2% to 4% expectations. © 2020 BridgeTower Media. The period’s highlight was a 3.4% comp gain, which was on the high end of Big Lots’ 2% to 4% expectations. Sign up to get exclusive industry information delivered directly to your inbox. Cumulative Growth of a $10,000 Investment in Stock Advisor, What Big Lots Management Wants Shareholders to Know @themotleyfool #stocks $BIG $KSS $DG, 3 Best Retail Apocalypse-Proof Stocks to Buy in October, If You Like Dollar General, You'll Love This Smaller Rival, Copyright, Trademark and Patent Information. Big Lots designing store of the future with furniture sales in mind | Columbus Business First Big Lots Inc. is holding its own in a tough retail climate, but the retailer has plans to do even better. These include furniture and home – both of which have been bright spots for the retailer, including the third quarter. Multiple years of sales growth in these categories along with customer insights suggest continued upside opportunities. 1st Annual Columbus Women in Real Estate Virtual Summit, Michigan’s One Family Property off to strong start in 2020, $500 million, DART-adjacent master plan underway in Addison, TX, Avison Young closes 125,000-square-foot industrial lease in Merrillville, City Club Apartments Crossroads opens in Kansas City. “We’re calling it our ‘Store of the Future. Subscribe. By the 2019 holiday season, Big Lots projects that it will have added 250 Stores of the Future in the current year to its previous base of 200 units. “We were pleased to achieve our second consecutive quarter of positive comps, but our bottom line results fell short of our expectations,” Thorn concluded. “This is something very different from what is being done out there,” he noted. Big Lots has posted flat or positive same-store sales in 13 of the past 14 quarters. The brand is placing a heavy emphasis on furniture, household and seasonal items with up front placement in the store, and pushing food toward the back of the space. While it's likely too early to plunge into shares of discount retailer Big Lots (NYSE:BIG), investors in consumer staples stocks can at least keep the battered chain on their watch lists. © 2020 BridgeTower Media. “[We are] winning with a trend-right merchandise assortment [in soft home,” he added. CEO Thorn stated that the company is planning an extensive rollout of the initiative in the current year, which will include high-density displays and prominent placement of the chosen consumables line-up in checkout queues. Big Lots is on track to add 30 new Stores of the Future this year, starting in the Columbus area. He explained that in this new concept Big Lots is “focused on where we win, what is own-able” – and that new definition is soft home, furniture and seasonal categories, all of which have been posting positive comps for several quarters. The chain is accelerating the number of remodels to the format starting in 2019 since the layout “better positions us for category shifts going forward,” he noted. Get great content like this right in your inbox. Use of this website is subject to its Terms of Use | Privacy Policy | Your California Privacy Rights/Privacy Policy | Do Not Sell My Info/Cookie Policy, Annie Selke Companies raising money for hunger relief, AICO team members raise $36K during annual Walk for Hope, Your California Privacy Rights/Privacy Policy. Added Tim Johnson, evp, chief financial officer and chief administrative officer: “We’ve lowered the sight lines [in the Store of the Future], and it’s much, much easier to see front to back, side to side. All rights reserved. Affordable pricing is Big Lots’ competitive edge in its new retail presentation, Campisi added. Stock Advisor launched in February of 2002. Big Lots is on track to add 30 new Stores of the Future this year, starting in the Columbus area. Get great content like this right in your inbox. The shoe and accessories retailer is marching its way into the future with new in-store tech, store designs, fulfillment plans and a new loyalty program. Target is investing heavily in-store with plans to remodel more than half of its locations over the next three years. Columbus, Ohio – The third quarter proved transitional for Big Lots Inc. under its newly installed CEO. Save lots. She also covers the area rug category for Furniture Today and Home Accents Today. Seasonal proved Q2’s best-performing category, with strong sell-throughs in patio furniture, lawn & garden and summer products. We believe the consistent availability of these SKUs will drive increased frequency of visits to our stores, supporting sales and other higher margin categories. Find out what these remodeled locations will feature and how the retailer is redefining the customer experience in-store and out. Lifting sales by improving foot traffic is a basic building block of revenue expansion for discounters. “Driving incremental sales lift of high single- to low double-digits in most major markets completed this year is quite impressive.”. Although the new store layout will not work in every market, and will not be adopted chain-wide, it is a departure from Big Lots traditional store flow. “We must continue to invest in and refine our new ‘Store of the Future’ format that the team has developed,” he said during Big Lots’ earnings call this morning. Soft home comps were up mid-single digits in the second quarter, led by bath, decorative textiles, flooring, utility bedding and window. Next Realty has signed Big Lots to a 48,849-square-foot lease at 3201 E. Lincoln Highway in Merrillville, Indiana. Net sales were up 3.6% to $1.15 billion from $1.11 billion. Net income jumped 28% to $29.1 million, or $0.67 per diluted share, from $22.7 million, or $0.50 per diluted share. '”, As part of the switch to the new format, the retailer has developed a new tagline for its stores: “Serve big. The new lease paves the way for the opening of a Big Lots “Store of the Future,” and represents the last of five spaces in the Next Realty portolio of former The Sports Authority stores. We’ve gained market share here, and recent competitors’ store closures suggest we still have room to grow.”. Total comps rose 1.8% for the quarter, and net sales increased 1.5% to $1.22 billion. Midnight oil burners, unite! The refreshed "Store of the Future" concept places greater emphasis on higher-margin categories like furniture, home furnishings, and seasonal items versus legacy stores. Cecile B. Corral is a senior editor with Home Textiles Today and is editor of luxury textiles supplement POSH. Big Lots is also taking advantage of competitors’ recent store closings to expand its footprint, “to enter some new markets as well as strategically relocate dozens of locations to be more perfectly sized to support our own-able businesses…and be more convenient to our customers,” Thorn said. She also covers the area rug category for Furniture Today and Home Accents Today. The store will be moving from its current end-cap position, which is 28,000 square feet, to expand and open of the Store of the Future prototype. Big Lots stock has lost 20% of its value year to date and plunged 46% cumulatively over the last 12 months. A walk through Big Lots’ store of the future | Columbus Business First Big Lots Inc. might have an exclamation point in its logo, but its days of “shouting” at customers are over. Find out what Nordstrom's tiny concept hub will stock. Stores without merchandise? Furniture was the lead performer for Big Lots in the quarter ended Nov. 3, comping up in the low teens, with all four categories – upholstery, mattresses, case goods and ready-to-assemble – posting strong sales. Big Lots had $1,000 outdoor dining sets this past spring that it had to pull from its weekly circular ads because the sets sold out. In its emerging “Store of the Future” concept, Big Lots has come up with a new layout that emphasizes soft home, furniture and seasonal and downplays its former headliners – food and consumables. Of the programs we've discussed in this article, "traffic drivers" is perhaps the most indicative of management's willingness to focus on the hard work of improving customer engagement -- one of the first steps on the path to achieving a sustained retail turnaround.

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