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JoS. A. Bank rolls out Factory Store Concept
12 Apr '10
2 min read
JoS. A. Bank Clothiers Inc announces that the Company will be launching a factory store rollout, beginning with the opening of five factory stores in fiscal year 2010.
R. Neal Black, President and CEO of JoS. A. Bank, stated: "A factory store concept is a natural extension of our brand. Based on our research and from the results of our seven existing clearance outlet stores, we should be able to reach a unique customer base that has limited overlap with the customer base in our regular stores. We have developed new merchandise that will cater to this customer's needs. We also believe that menswear, and tailored menswear in particular, is generally under-represented in the factory store shopping centers. This combination of successful factory store centers, where we have almost no current penetration, along with prospective new, underserved customers is the basis of our opportunity. We will test this concept with five new stores in 2010 and evaluate the opportunity for further expansion in 2011 and beyond. If initially successful, we believe there is an opportunity for us to open an additional 50-75 factory stores in the U.S. These factory stores will be incremental to the Company's ongoing plans to expand to approximately 600 full-line stores in the U.S."
JoS. A. Bank Clothiers Inc established in 1905, is one of the nation's leading designers, manufacturers and retailers of men's classically-styled tailored and casual clothing, sportswear, footwear and accessories. The Company sells its full product line through 473 stores in 42 states and the District of Columbia.The Company is headquartered in Hampstead, Md., and its common stock is listed on the Nasdaq Global Select Market under the symbol "JOSB."
R. Neal Black, President and CEO of JoS. A. Bank, stated: "A factory store concept is a natural extension of our brand. Based on our research and from the results of our seven existing clearance outlet stores, we should be able to reach a unique customer base that has limited overlap with the customer base in our regular stores. We have developed new merchandise that will cater to this customer's needs. We also believe that menswear, and tailored menswear in particular, is generally under-represented in the factory store shopping centers. This combination of successful factory store centers, where we have almost no current penetration, along with prospective new, underserved customers is the basis of our opportunity. We will test this concept with five new stores in 2010 and evaluate the opportunity for further expansion in 2011 and beyond. If initially successful, we believe there is an opportunity for us to open an additional 50-75 factory stores in the U.S. These factory stores will be incremental to the Company's ongoing plans to expand to approximately 600 full-line stores in the U.S."
JoS. A. Bank Clothiers Inc established in 1905, is one of the nation's leading designers, manufacturers and retailers of men's classically-styled tailored and casual clothing, sportswear, footwear and accessories. The Company sells its full product line through 473 stores in 42 states and the District of Columbia.The Company is headquartered in Hampstead, Md., and its common stock is listed on the Nasdaq Global Select Market under the symbol "JOSB."
JoS. A. Bank Clothiers Inc
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