There’s a glut of shuttered former retail giants strewn across the country these days. Sears, J.C. Penney and other stores have been closing at a breathtaking pace and new tenants are hard to come by. But one discount chain is hoping to use abandoned Toys R Us stores to expand its national reputation.
Ollie’s Bargain Outlet has bought 12 Toys R Us locations around the country and leased six others so far. And it could have its eye on many more.
The chain, which has about 300 locations across the U.S. And wants to open 650 more, doesn’t sell online. And it doesn’t take itself seriously, as shown by the caricatured logo of its founder.
Those sales strategies might be unorthodox, but they’re winning over investors. Since going public in 2015, shares have nearly quadrupled.
Ollie’s has made a name for itself with consumers for offering name brand products for significantly less than other retailers. The company scours for out of season items and leftovers that suppliers look to sell at a significant discount. And because it’s publicly traded, it’s a more appealing partner for suppliers.