Bob's opening three stores in Philly area
Clint Engel -- Furniture Today, February 14, 2014
Manchester, Conn. - Bob's Discount Furniture will hit the 50-store mark with the opening of its first three Philadelphia-area stores this week, adding a physical presence in a market it has been reaching online and through outlying showrooms.
The Top 100 company, which recently sold a majority stake to equity firm Bain Capital, will grand open the stores on Feb. 13.
They include a 30,000-squarefoot showroom in King of Prussia, Pa., a 31,000-square-foot store in Cherry Hill, N.J., and a 45,000-square-foot store in Wilmington, Del. The Pennsylvania store was a former Lane Furniture showroom.
The retailer and its Bob's Outreach program also will contribute $50,250 to 18 area schools to celebrate the expansion. The program supports schools and nonprofit groups in the communities where Bob's operates.
The company didn't disclose its investment in the market or sales projections for the new stores, but said overall sales were $758 million last year, up 10.6% from the year before.
The new stores "reflect the company's continued commitment to serving residents throughout the East Coast and Mid-Atlantic regions and are expected to add hundreds of new jobs to the local economy," the company said in a release.
Bob's Executive Vice President Michael Hoffman said the new stores will be serviced via the retailer's existing distribution network, and that it's planning more stores for the market but isn't ready to disclose specifics on time and location.
"We're bullish on the Philly market," Hoffman said.
With the new locations, Bob's will have opened seven stores in the past 12 months, including two in the Washington, D.C., area a year ago and two in the New York City market in May 2013. Philly gives the Manchester, Conn.-based Bob's 50 stores in 11 states - Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Virginia.
Kevin Parker, zone vice president for Bob's, said that after expanding in Washington and New York last year, "the next phase of our growth plan was to fill in the gap in the greater Philadelphia area, where we have been serving customers for years through our website and nearby stores."
During the grand opening, which extends through the weekend, Bob's will offer children's entertainment, including balloons and face painting.
Industry Related Content
Most Viewed Articles
FTTV: Frontline Friday From F/T