Big changes in retail could bring new shopping opportunities!
- Replies 1
Shoppers may soon have more places to find great deals as a major discount retailer expands its reach.
A well-known chain is stepping in to take over locations from a struggling competitor, potentially reshaping the bargain shopping experience.
With plans in motion, this shift could mean more chances to save on everyday items. Here's what you need to know about the latest development in the retail world.
The purchase is still awaiting final approval from the bankruptcy court and must meet standard closing conditions before moving forward.
“Everything about these stores lines up well with our business and growth strategy,” he said.
He noted that the locations are the right size, have favorable lease terms, and are situated in areas that already serve budget-conscious shoppers.
Ollie’s has been expanding rapidly and is set to open about 75 new store locations in 2025. The company currently operates 568 stores across 31 states.
Gordon Brothers, the liquidation firm handling the sale of Big Lots locations, has been selling more than 600 leases nationwide.
These stores, located in shopping centers across 47 states, present a significant opportunity for retailers like Ollie’s to establish a stronger presence.
With the addition of these new locations, shoppers may soon have easier access to bargains as Ollie’s expands into new markets.
Meanwhile, Big Lots has been conducting “going out of business” sales at its remaining locations. Shoppers can currently find discounts ranging from 50% to 80% off as the retailer liquidates its inventory.
At the start of 2024, Big Lots operated 1,392 stores, making it one of the largest home goods retailers in the country. That number has now dropped to just 366 as the company continues to close stores and sell off leases.
Ollie’s website currently lists new store openings planned for multiple states in March, including Wisconsin, Vermont, Connecticut, Ohio, Michigan, Oklahoma, and Indiana.
As Ollie’s expands, shoppers looking for deep discounts may find more opportunities to save. Those interested in the latest store openings and deals can check Ollie’s website for updates.
Read more:
A well-known chain is stepping in to take over locations from a struggling competitor, potentially reshaping the bargain shopping experience.
With plans in motion, this shift could mean more chances to save on everyday items. Here's what you need to know about the latest development in the retail world.
Ollie’s Bargain Outlet acquires 40 Big Lots store leases
Ollie’s Bargain Outlet announced on February 27 that it is acquiring 40 store leases from Big Lots, which is currently navigating Chapter 11 bankruptcy. This brings Ollie’s total acquisitions from Big Lots to 63 store leases.The purchase is still awaiting final approval from the bankruptcy court and must meet standard closing conditions before moving forward.
A growing presence in discount retail
Eric van der Valk, president and CEO of Ollie’s, stated that the newly acquired stores fit well with the company’s long-term business strategy.“Everything about these stores lines up well with our business and growth strategy,” he said.
He noted that the locations are the right size, have favorable lease terms, and are situated in areas that already serve budget-conscious shoppers.
Ollie’s has been expanding rapidly and is set to open about 75 new store locations in 2025. The company currently operates 568 stores across 31 states.
Gordon Brothers, the liquidation firm handling the sale of Big Lots locations, has been selling more than 600 leases nationwide.
These stores, located in shopping centers across 47 states, present a significant opportunity for retailers like Ollie’s to establish a stronger presence.
What this means for shoppers
Ollie’s is known for its “Good Stuff Cheap” motto, offering a variety of discounted products, including home goods, electronics, books, and toys.With the addition of these new locations, shoppers may soon have easier access to bargains as Ollie’s expands into new markets.
Meanwhile, Big Lots has been conducting “going out of business” sales at its remaining locations. Shoppers can currently find discounts ranging from 50% to 80% off as the retailer liquidates its inventory.
At the start of 2024, Big Lots operated 1,392 stores, making it one of the largest home goods retailers in the country. That number has now dropped to just 366 as the company continues to close stores and sell off leases.
What’s next?
The transition of these Big Lots locations into Ollie’s stores will take time, but shoppers can expect updates from the company as the process unfolds.Ollie’s website currently lists new store openings planned for multiple states in March, including Wisconsin, Vermont, Connecticut, Ohio, Michigan, Oklahoma, and Indiana.
As Ollie’s expands, shoppers looking for deep discounts may find more opportunities to save. Those interested in the latest store openings and deals can check Ollie’s website for updates.
