Footwear retailer, DSW Inc. (DSW) announced the opening of three more stores. These stores, scheduled for Sep 25 opening, are located in Glendale CA, Asheville, NC and Hagerstown, MD.
DSW’s store expansion has been in full swing as the company announced the opening of 10 stores since the beginning of the month. Apart from above-mentioned outlets, the company’s other locations include Rogers, AR, Ingram, TX, Crofton, MD and Evansville, IN, Fort Worth, TX, Eden Prairie, MN and Plattsburgh, NY. The pace has rapidly picked up in September compared with the rest of the year when the company opened just 18 outlets from Jan to Aug.
These outlets are located in South Hills PA, Santee CA, Manhasset, NY; Hyannis, MA; Laurel, MD; Washington, DC; DeKalb, IL; Ponce, PR; Tempe, AZ, Plains, NY, Reading, PA, Olympia, WA, Mentor, OH, Corpus Christi, TX, Davenport, IA, Schereveille, IN, Birmingham, AL and West Hartford, CT.
The new stores will offer a wide variety of fashionable footwear for both men and women. DSW’s store openings signify the company’s commitment toward strengthening its network with the aim of driving top-line growth.
Meanwhile, the company is also making significant investments to strengthen its international footprint, which is evident from its deal with Town Shoes of Canada. DSW closed this acquisition on May 12 and spent $68.7 million to acquire a 49.2% stake in Town Shoes.
The Town Shoes buyout has proven to be a strategic one owing to its considerable access to the Canadian markets. With this takeover, DSW will gain an operating base in Canada which will help in popularizing its brand across the country. Interestingly, DSW has already started reaping gains from the Town Shoes acquisition as the latter opened two DSW outlets in Toronto in the beginning of August and has received positive response from customers so far.
Currently, DSW carries a Zacks Rank #3 (Hold). Other better-ranked stocks in the retail sector worth consideration include Citi Trends, Inc. (CTRN), Express Inc. (EXPR) and Foot Locker, Inc. (FL). Citi Trends sports a Zacks Rank #1 (Strong Buy), while Express Inc. and Foot Locker carry a Zacks Rank #2 (Buy).
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