BINGHAMTON — Discount retailer Big Lots, Inc. will be offering a wider array of products, including furniture, with its new, larger store at 10 Glenwood Ave. in the city of Binghamton.
Big Lots held a grand opening Aug. 10 for the new store, which replaces a smaller location at 435 State St.
The old store, at about 15,000 square feet, just didn’t have enough room to stock all the goods a typical Big Lots store sells, says Rick Randall, district manager. Notably, the old store lacked a furniture department.
(Sponsored)
Finding the Right Business Banking Partner: 4 Considerations to Support your Search
In today’s increasingly dynamic and competitive business environment, finding the right banking partner to meet the needs of your business is critical to your success. Banks are not one-size-fits-all and
The Influence of Economic Uncertainty on Business Value
Businesses face uncertain conditions today, including geopolitical and cybersecurity risks, inflation concerns, environmental issues, and a lack of clarity about future tax laws and interest rates. Here’s an overview of
“The furniture department is a substantial part of our business,” Randall says, so it was important to expand the store to a location that could accommodate it.
Big Lots is leasing 30,000 square feet from PCP Binghamton Association, LLC for the new store, which includes 25,000 square feet of floor space, he says. On top of that, the new store is near a Price Chopper grocery store. “They pull a lot of traffic into the area,” Randall says. Other tenants in the plaza include a Dollar Tree, Sally Beauty Supply, and H&R Block.
Big Lots competes both nationally and locally with stores such as Ollie’s Bargain Outlet and Christmas Tree Shops, which both have stores in Johnson City. Big Lots states that it stocks its stores with merchandise that it sells for 20 percent to 40 percent less than “discount” stores, and up to 70 percent below traditional retail prices. Store departments include consumables, seasonal goods, home décor, electronics, toys, close-outs, furniture, and mattresses.
With the move to a larger store, Randall says employment has increased as well. Big Lots hired 14 new employees, including a furniture department manager and furniture associates, bringing the store’s total employee count to 38.
Customer reaction to the new store has been positive, Randall says, although it is taking a little while for people to realize there is a furniture department now. The old store was there for upwards of 20 years, without a furniture department, so there is a bit of a learning curve for shoppers at the new store, he says.
“Overall, the reaction has been wonderful,” Randall says. “Customers love the layout of the store.”
Big Lots also operates area stores in Vestal and Ithaca. “We hope to have some more down the road,” Randall adds.
Big Lots, Inc. (NYSE: LOTS) — based in Columbus, Ohio — operates 1,451 stores in 48 states and 82 Liquidation World and LW stores in Canada. Big Lots conducts wholesale operations through Big Lots Wholesale (www.biglotswholesale.com), Consolidated International, and Wisconsin Toy.
Earnings
On Aug. 23, Big Lots reported profit from continuing operations of $22.1 million, or 36 cents a share, for the fiscal second quarter ending July 28, down 38 percent from $35.7 million, or 50 cents a share, in the year-ago period. Comparable store sales for U.S. stores open at least 15 months declined 1.9 percent in the latest quarter, the company said.
Big Lots also lowered its guidance for fiscal 2012 full-year earnings to $2.80 to $2.95 per share, down from its previous guidance of $3.25 to $3.40 a share.
Big Lots shares tumbled more than 20 percent in early trading on Aug. 23, following the earnings news.
