Burlington Stores plans to invest in 100 new locations in the current fiscal year, continuing to add physical locations even in an off-pricer market where online sales have grown.
In a conference call, Michael O’Sullivan, the company’s CEO, noted that Burlington had added 80 net new stores in fiscal 2023. He pointed out that Burlington had acquired a large number of attractive new store locations in the Bed Bath & Beyond bankruptcy process and that the company has identified and is negotiating with landlords for others.
Burlington has had a goal of adding 100 new stores a year for the past couple of years, O’Sullivan stated, but because it maintains rigorous standards, the company couldn’t hit that number in fiscal 2023. However, he said that executives are confident that Burlington will hit the goal in fiscal 2024.
