10:52 ET -- Burlington Stores is seeing solid returns from its pipeline of new stores. The off-price retailer expects to end the year with 101 net new stores, a mix of new stores, relocated ones and store closures. CEO Michael O'Sullivan notes that while it typically works directly with individual landlords to secure and lease sites after identifying potential locations, in recent years it's supplemented its new store pipeline by acquiring existing leases from retailers that are in the midst of a bankruptcy process. He adds that Burlington picked up 64 former Bed Bath & Beyond locations in 2023, while this year it's picked up or is working on a few dozen locations from other troubled retailers. (denny.jacob@wsj.com; @pennedbyden)
(END) Dow Jones Newswires
November 26, 2024 10:52 ET (15:52 GMT)
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