Ross Stores Inc. runs two off-price banners from its Dublin, California base, Ross Dress for Less and the deeper-discount dd’s DISCOUNTS, and by store count, the flagship Ross chain leads all US off-price apparel retailers. The company trades on Nasdaq under ROST and reported approximately $21.1 billion in revenue in fiscal year 2024 across a fleet of more than 2,200 locations. James Conroy became CEO in early 2025, succeeding Barbara Rentler, who had led the company through a decade of consistent unit expansion.
The off-price model that Ross runs differs structurally from a conventional department store. Rather than ordering planned assortments months ahead, Ross buyers purchase opportunistically throughout the season from manufacturer overruns, canceled orders, and department-store closeouts, paying lower prices for merchandise and passing a portion of that discount to shoppers at 20% to 60% below conventional retail. The treasure-hunt format carries no permanent assortment: inventory turns quickly, the selection changes constantly, and the absence of e-commerce keeps the entire model anchored in physical stores. The West Coast and Sun Belt form the historical core of the store base, with Ross overweight in California, Texas, Florida, and the Southwest relative to the off-price competitors concentrated in the Northeast. The dd’s DISCOUNTS banner targets lower-income households than the flagship format, extending the company’s reach into trade areas and price tiers the main banner does not serve.
Ross occupies a different rung of the retail real estate ladder than enclosed-mall anchors. The brand concentrates in community centers, power centers, and value-oriented strip formats where surface parking, convenience access, and off-price co-tenancy define the leasing logic, taking inline and junior-anchor boxes typically in the 25,000-to-30,000-square-foot range. Within the Malls.com network, Ross holds positions spanning value megamalls and regional centers including Arizona Mills, Tempe Marketplace, Dolphin Mall, St. Johns Town Center, Sugarloaf Mills, Glendale Galleria, Northridge Fashion Center, and The Mall at Prince George’s, alongside higher-tier placements at South Coast Plaza and Ala Moana Center where the brand sits within otherwise premium environments.
Ross is one of the most active and creditworthy junior-anchor tenants in the US market, with a unit-growth program guided toward a long-term potential of 2,900-plus Ross locations and 700-plus dd’s DISCOUNTS stores. The brand co-tenants naturally include T.J.Maxx, Marshalls, Burlington, and Five Below in the off-price cluster that underpins value-center co-tenancy, and its smaller-box requirements and consistent expansion cadence make it a reliable candidate for backfilling vacated mid-box retail and anchoring new community-center developments. The two-banner structure gives operators two distinct lease prospects from a single counterparty, with Ross targeting the moderate-income value shopper and dd’s DISCOUNTS reaching the budget tier below it.
