As of Mar 31, 2018, the company operated 2,410 stores in all 50 states, the District of Columbia, Puerto Rico, Canada and Mexico under the Rent-A-Center, Home Choice and Get It Now names, 1,114 Acceptance Now kiosk locations, and there were 252 franchised stores in 31 states.
In fiscal 2017, the company's store developments activity can be summarized as follows: closed 82 net rent-to-own locations in the US; added 1 net rent-to-own locations in Mexico; closed 353 net Acceptance Now kiosk locations; and franchisees closed 4 net stores. In the first quarter of fiscal 2018, the company closed 75 net rent-to-own locations, systemwide, and added 8 net Acceptance Now kiosks. The company has stopped opening new stores in Mexico and are pursuing several initiatives designed to improve the financial performance of operations in existing locations.
The company leases substantially all locations. Most stores have initial lease terms of 5-years, with renewal options for an additional 3- 5 years. The Acceptance Now kiosks occupy space without charge in the retailer's location with no lease commitment.
Store are located primarily in strip centers, range in size from 1,000 to 24,000 square feet and average approximately 4,400 square feet, with 75% of space devoted to the showroom and 25% for office and storage. For new stores, the company targets 4,200 square feet in regional or neighborhood centers anchored by dominant or discount grocery stores, or by national discounters, shadow centers, and non-anchored shopping centers.
|Total gross square feet (M)||11,327||11,092||12,187||13,231||14,105||14,857|
|Total gross square feet growth||-6.1%||-9.0%||-7.9%||-6.2%||-5.1%||2.0%|
|Avg store gross sq ft||4,700||4,400||4,700||4,700||4,700||4,700|
|Avg store gross sq ft growth||0.7%||-6.1%||0.0%||0.0%||0.0%||0.0%|
Notes:Only includes company-operated stores; excludes franchised stores and Acceptance Now kiosk locations