Gordmans Plots Steady Expansion
July 7, 2011,
Gordmans Stores, recently visited the NASDAQ MarketSite in New York City’s Times Square. In honor of the occasion, Jeff Gordman, ceo, rang the closing bell.
The 70-unit company - which offers EDLP in a good/better/ best merchandising strategy - currently operates in 16 states. Gordmans opened three net new stores last year and plans to open seven this year, president and ceo Jeff Gordman said during the Piper Jaffray Consumer Conference. So far, the company has identified 150 potential locations for its stores, which average 50,000 sq. ft.
"There are clearly expansion opportunities for our company," Gordman said. "We want to expand the footprint at 10% net this year."
Last year, Gordman's began testing ecommerce in two categories through a third party. It will add another category this year, but because of the incremental contribution of online to total sales, isn't planning a ramp up in the foreseeable future.
"To get the same incremental growth, we could open a handful of stores," he said.
The company generated $500 million in total sales last year.
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