is using the boost it's gotten from the pandemic to venture into uncharted markets with new stores. The company is aiming to open two clubs in New York before the fiscal year is over, followed by six new ones next year.
"Our hope is that next year we'll be able to open significantly more than we have in the past," CEO Lee Delaney told analysts during an earnings call last month. "We are moving aggressively to make those numbers or even larger ones a reality."BJ's said its digital sales soared more than 300%, with shoppers using its curbside pickup option in droves.
"We expect this landscape ... will increase our relevance to members and prospective members alike," Delaney said. "Almost regardless of the level of economic uncertainty, we should be well-positioned versus competitors given our low-price positioning and the fact that we have grown our membership."Shoppers check with their groceries during the grand opening of a Lidl grocery store, June 15, 2017, in Virginia Beach, Va.
The company, which currently has a little more than 100 locations in the U.S., said it will allocate about $500 million to open the new stores. It said it plans to expand the most in New Jersey and Maryland. Lidl entered the U.S. about two years ago, opening its first store in the Southeast. Its initial, aggressive growth plans were stalled. But its pace of expansion looks to be picking back up, as a number of regional grocery chains like Lucky's and Fairway have filed for bankruptcy in recent years and shut down.
Should open. If the groceries, Walmart and Home Depot can open all should be allowed to open back up!
Let creative destruction run its course to adapt to our new economic reality. We don't want a zombie economy.
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Source: CNBC - 🏆 12. / 72 Read more »