L.L. Bean Inc. intends to almost triple its store count by 2020: it will open four stores in 2015 and at least 100 by 2020.Currently, L.L. Bean operates 26 stores and 10 outlets in the U.S. The retailer does not have any stores west of Colorado, but plans to open new stores in the Pacific Northwest. All new stores will be full-price locations. The memo was signed by CEO Chris McCormack, who plans to retire in 2016.
A company spokesperson told the Bangor Daily News that the store openings are part of a broader omnichannel strategy that will give customers the maximum number of shopping options. Stores may also become pick-up spots for online purchases. L.L. Bean will base store locations on catalog and online sales and general market research.
Each store will have between 80 and 130 full- and part-time employees, more than doubling L.L. Bean’s current domestic workforce.
This decision comes as L.L. Bean recently announced 3% net revenue growth to $1.61 billion during fiscal 2014. The retailer will pay a 5% cash award to approximately 5,300 employees.