Dive Brief:
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L.L. Bean plans to triple the number of its U.S. stores in the next five years, the retailer said Wednesday.
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The company operates 26 retail stores and a few outlet stores along the East Coast and in Minnesota and Colorado. The retailer will open four new stores this year, including on the West Coast for the first time, and at least 100 by 2020, CEO Chris McCormick said in an internal memo.
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The Freeport, ME-based retailer has seen revenue grow over the last five years. Its 100 year-old signature Bean boot has been such a recent hit with younger people that it failed to keep up with orders during the holidays.
Dive Insight:
While physical retailers have had to boost their e-commerce in order to compete in a world where shoppers expect to shop online or in store, 100-plus year-old L.L. Bean has to move beyond its catalog roots. The company has operated a few stores, but clearly sees a need to get physical in order to reach customers.
"By having more stores they become more of a brick-and-mortar force," retail analyst Walter Loeb told ABC News. "Brick-and-mortar stores will enable more customers to shop comfortably. It's a good idea."
