The Container Store Moves Strategic Priority Forward with the Opening of its 100th Retail Location
18 Décembre 2023 - 3:05PM
Business Wire
Specialty retailer sees whitespace for
continued store growth of its differentiated solution-oriented
offering
The Container Store Group, Inc. (NYSE: TCS) (the “Company”), the
leading specialty retailer of organizing solutions, custom spaces,
and in-home services, has opened its 100th store location in
Princeton, NJ, further advancing the Company’s strategy to Expand
its Reach as part of its Path to $2 Billion in revenue.
The 100th store is the sixth small-format store the Company has
opened to date and one of five anticipated to open in its fiscal
2023 ending March 30, 2024. A primary objective of its small-format
stores is high productivity with a full Custom Spaces Studio
featuring its Preston, Avera and Elfa lines, curated assortment of
complementary general merchandise, and in-home services, at an
average of 12,500 selling square feet. Many of the locations are
also built-to-suit, making them an appealing financial
proposition.
“Opening our 100th store is a significant milestone as we
execute our strategic priority of Expanding Our Reach and continue
to unlock our long-term growth potential,” said CEO and President
of The Container Store, Satish Malhotra. “We continue to be pleased
with the productivity of our small-format stores, specifically with
the faster adoption of Custom Spaces, which is a key component of
future sales growth for The Container Store. At the end of our
second quarter, this adoption was averaging 39% of sales per store.
In addition, we saw an average of over 60% new customers shopping
with us in these locations and the Net Promoter Score for our
small-format stores remains incredibly strong at 83.”
The Company’s next store opening is slated for Spring 2024 in
Gaithersburg, Maryland.
About The Container Store
The Container Store Group, Inc. (NYSE: TCS) is the nation’s
leading specialty retailer of organizing solutions, custom spaces,
and in-home services – a concept they originated in 1978. Today,
with locations nationwide, the retailer offers more than 10,000
products designed to transform lives through the power of
organization.
Visit www.containerstore.com for more information about
products, store locations, services offered and real-life
inspiration.
Follow The Container Store on Facebook, Twitter, Instagram,
TikTok, YouTube, Pinterest and LinkedIn.
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version on businesswire.com: https://www.businesswire.com/news/home/20231218572758/en/
Investors: ICR, Inc. Farah Soi/Caitlin Churchill,
203-682-8200 Farah.Soi@icrinc.com Caitlin.Churchill@icrinc.com
Media: The Container Store Group, Inc. Katelyn Clinton,
972-538-6000 publicrelations@containerstore.com
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