DICK'S Sporting Goods Inc.’s (DKS) expansion strategy is in full swing. Yesterday, the company announced that it will open four new stores, one each in Michigan, Kentucky, Idaho and Florida.
Located in Roseville, the new store will be housed at Macomb Mall, marking the company’s 22nd outlet in Michigan. The new Kentucky store at Richmond Centre in Richmond will be the company’s 12th outlet in the state. In Idhao, the new store will be seen at Treasure Valley Crossing in Nampa, and will be the 3rd outlet in the state. Finally, the store at Orlando Fashion Square in Orlando will be Florida’s 31st outlet.
Addition of these stores brings DICK'S Sporting’s total store count in the country to 593. The celebrations to mark the opening of these new stores will commence on Oct 24 and continue over the weekend.
The store offerings will include over 40 suitable in-store services provided by DICK'S Sporting certified PROS in sports and outlook specialties including Golf, Bike and Fishing. Moreover, the new locations will be highlighted by Under Armour Inc. (UA) and Nike Inc. (NKE) shops. It will also include other athletic clothing and footwear along with the latest equipment for team sports, fitness, camping, hunting and fishing.
In order to attract customers to its new stores DICK’S Sporting announced a range of lucrative giveaways during the celebration period.
The company will distribute free Reebok Play Dry T-Shirts to the first 100 people in queue on the opening day. Also, the early birds will get an opportunity to open the DICK'S Sporting Goods Gift Locker on all three days. Moreover, on Saturday and Sunday, it plans to give free Mystery Gift Cards worth $5–$500 to the first 100 adults in queue.
Additionally, to lure customers, the company has invited celebrities like Bill Laimbeer, Billy Hamilton, Ian Johnson and Victor Oladipo to make special appearances at the new stores on different days.
We believe that this full-line sporting goods and apparel retailer will benefit from its in-store action and online growth strategies. The company’s in-store remodeling efforts, launch of shop-in-shop facilities and recruitment of more competent sales personnel have continually boosted its top line. Furthermore, the company is aggressively enhancing its eCommerce capabilities to increase sales as well as market share in online retailing.
DICK’S Sporting’s strategic measures to strengthen its store base and the use of technology to provide better services are likely to improve its relationship with present customers while attracting new ones.
DICK’S Sporting currently carries a Zacks Rank #3 (Hold). A better-ranked stock in the same industry is Barnes & Noble Inc. (BKS), which carries a Zacks Rank #1 (Strong Buy).
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