The Discount Retailer is Finding New Locations in Areas where Others are Trying To Leave

What you need to know

• Burlington Stores is expecting to add over 100 new stores net this year.
• Many are leasing agreements taken over by other retailers in the bankruptcy process.
• The company expects the same-store sales for the fourth quarter of 2018 to remain flat or increase by up to 2% compared with a previous year.

Burlington Stores, (BURL), when looking for new sites to expand into, sometimes considers places that other companies could not make work. 

Even after closing more than 12 stores, the discount retailer, formerly Burlington Coat Factory announced today that it still expects to open more than 100 new net-new locations this year. Executives said that some of the new locations belonged to different retailers. 

Most new Burlington stores are—and are expected to be—leased after a comparatively typical search-and-lease process. “But in the past couple of years, we have been able to supplement our new store pipeline by selectively acquiring existing leases from retailers that are going through a bankruptcy process,” AlphaSense made a transcription of a call with CEO Michael O’Sullivan. “This approach has allowed us to move into centers that we might not have otherwise been able to access.

That process, O’Sullivan said, led Burlington to pick up more than 60 former Bed Bath & Beyond locations last year. “This year we’ve taken on or are currently working with a dozen other struggling retailers.” he said Tuesday.

Burlington said it expects to open 100 net new stores next year, and could open at least 500 net new stores by the end of 2028. 

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