As of Aug 4, 2018, Fred's operated 581 stores, as well as 12 franchised stores in 15 Southeastern states.

During fiscal 2017, the company opened 4 full-service stores, and closed 41 full-service and 5 express stores. The company closed 3 net stores during the first half of fiscal 2018.

At year-end, the company owned the real estate and the buildings for 75 locations and the remaining 509 stores are leased.

Full-service locations range in size from 8,000 to 25,000 square feet, and average 14,700 of selling space. 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 once a suitable location can be found. eMarketer estimates the average store uses 83% of total square feet as selling space.

Store growth-1.0%-7.0%-2.0%0.0%-6.1%-1.2%
Total gross square feet (M)9,6529,70210,42810,63310,56711,503
Total gross square feet growth-1.0%-7.0%-1.9%0.6%-8.1%-2.5%
Avg store gross sq ft16,60016,60016,60016,60016,50016,800
Avg store gross sq ft growth0.0%0.0%0.1%0.6%-2.1%-1.3%

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