Specialty retailer sees whitespace for continued store growth of its differentiated solution-oriented offering
The Container Store Group, Inc. (NYSE: TCS) (the “Company”), the leading specialty retailer of organizing solutions, custom spaces, and in-home services, has opened its 100th store location in Princeton, NJ, further advancing the Company’s strategy to Expand its Reach as part of its Path to $2 Billion in revenue.
The 100th store is the sixth small-format store the Company has opened to date and one of five anticipated to open in its fiscal 2023 ending March 30, 2024. A primary objective of its small-format stores is high productivity with a full Custom Spaces Studio featuring its Preston, Avera and Elfa lines, curated assortment of complementary general merchandise, and in-home services, at an average of 12,500 selling square feet. Many of the locations are also built-to-suit, making them an appealing financial proposition.
“Opening our 100th store is a significant milestone as we execute our strategic priority of Expanding Our Reach and continue to unlock our long-term growth potential,” said CEO and President of The Container Store, Satish Malhotra. “We continue to be pleased with the productivity of our small-format stores, specifically with the faster adoption of Custom Spaces, which is a key component of future sales growth for The Container Store. At the end of our second quarter, this adoption was averaging 39% of sales per store. In addition, we saw an average of over 60% new customers shopping with us in these locations and the Net Promoter Score for our small-format stores remains incredibly strong at 83.”
The Company’s next store opening is slated for Spring 2024 in Gaithersburg, Maryland.
About The Container Store
The Container Store Group, Inc. (NYSE: TCS) is the nation’s leading specialty retailer of organizing solutions, custom spaces, and in-home services – a concept they originated in 1978. Today, with locations nationwide, the retailer offers more than 10,000 products designed to transform lives through the power of organization.
Visit www.containerstore.com for more information about products, store locations, services offered and real-life inspiration.
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Contacts
Investors:
ICR, Inc.
Farah Soi/Caitlin Churchill, 203-682-8200
Farah.Soi@icrinc.com
Caitlin.Churchill@icrinc.com
Media:
The Container Store Group, Inc.
Katelyn Clinton, 972-538-6000
publicrelations@containerstore.com
