As of Mar 31, 2017, the company had 1,843 Aaron’s Sales & Lease Ownership stores in 48 states and Canada, comprised of 1,155 company-operated stores and 688 independently-operated franchised stores.
In fiscal 2016, all 82 HomeSmart stores and 94 Aaron's Sales & Lease Ownership stores were closed, systemwide. During the first quarter of fiscal 2017, store counts decreased by 19 stores, systemwide. The company has identified approximately 70 additional stores to be closed in the second quarter of 2017.
The company leases most of their locations. The majority of leases are for periods that do not exceed 5 years, although lease terms range in length up to 15 years. Lease terms usually contain renewal options for additional periods ranging from 1 to 20 years.
The typical Aaron's Sales & Lease Ownership store ranges from 6,000 to 10,000 square feet, with an average of approximately 8,000 square feet.
|Total gross square feet (M)||16,709||16,880||17,984||18,483||18,895||18,241|
|Total gross square feet growth||-6.9%||-6.1%||-2.7%||-2.2%||3.6%||6.5%|
|Avg store gross sq ft||9,100||9,100||8,500||8,800||8,800||8,800|
|Avg store gross sq ft growth||2.8%||2.7%||-3.4%||-0.2%||-0.2%||-0.1%|
Notes:Reflects systemwide figures, including company-operated and franchised stores