As of Jan 28, 2017, Fred's operated 628 stores, including 55 express stores, as well as 16 franchised stores in 15 Southeastern states.

During fiscal 2016, the company opened 2 full-service and 1 express stores, and closed 10 full-service and 5 express stores. The company expects to close approximately 40 underperforming stores in fiscal 2017, for which they no longer foresee a path to profitability.

At year-end, the company owned the real estate and the buildings for 88 locations and the remaining 551 stores are leased.

Store locations range in size from 8,000 to 25,000 square feet, with average selling space of 14,700. The new store prototype normally has 14,000 to 16,000 square feet of space, but often the company enters new markets with smaller express stores which range in size from 1,000 to 5,000 square feet and are intended to transition to a typical Fred's store. eMarketer estimates the average store uses 83% of total square feet as selling space.

Store growth-2.0%-2.0%0.0%-6.1%-1.2%1.8%
Total gross square feet (M)10,42810,42810,63310,56711,50311,794
Total gross square feet growth-1.9%-1.9%0.6%-8.1%-2.5%0.6%
Avg store gross sq ft16,60016,60016,60016,50016,80017,100
Avg store gross sq ft growth0.1%0.1%0.6%-2.1%-1.3%-1.1%

Notes:Excludes franchised locations; calculated based on reported selling square footage and an eMarketer estimate that 83% of a typical store is used for selling space