As of Apr 29, 2017, the company operated 679 stores in 48 states and the District of Columbia.
During fiscal 2016, the company opened 64 new stores and closed 9 underperforming stores. In the first quarter of 2017, 12 stores were opened and 4 stores were closed. The company expects to open approximately 60 to 65 new boutiques and to close approximately 10 to 15 existing boutiques in fiscal 2017. Long-term, the company believes there is the potential to grow to approximately 900 domestic stores.
All stores are leased, typically with initial terms of 5 to 10 years; many have additional 5-year renewal options and the majority have early termination clauses if certain sales levels are not met in specific periods or if a shopping center does not meet specified occupancy standards.
Stores range in size from 1,000 to 2,000 square feet with an average size of approximately 1,400 square feet, and are located in highly visible locations in regional malls, lifestyle centers, street locations and strip centers. Going forward, the overall store mix will consist of approximately 45% mall and 55% non-mall stores.
|Total gross square feet (M)||949||933||843||728||613||499|
|Total gross square feet growth||9.0%||10.7%||15.8%||18.8%||22.8%||25.1%|
|Avg store gross sq ft||1,400||1,400||1,400||1,400||1,400||1,400|
|Avg store gross sq ft growth||2.2%||1.6%||1.3%||-0.6%||-1.9%||-1.7%|