Retailers have been hit hard during the coronavirus pandemic, and many have shut down their brick-and-mortar locations and instead pursued a more online business model. However, with the country reopened, more consumers are getting back to shopping in person. One retailer is making a big bet on this.
Dick’s Sporting Goods Inc. (NYSE: DKS) is expanding its nationwide footprint with the addition of even more brick-and-mortar locations. The company intends to open six Dick’s Sporting Goods stores, two combination Dick’s and Golf Galaxy locations and three Dick’s Sporting Goods Warehouse Sale locations in October. At the same time, the retailer will also open a limited number of Soccer Shops.
The opening of its newest stores will bring approximately 400 collective jobs to communities through the hiring of full-time, part-time and temporary associates for the stores. These new locations will be opening their doors over the course of October.
The first Soccer Shop will open on October 23, and additional shops are expected to open this November.
After all these store openings, Dick’s will have 732 Dick’s Sporting Goods stores, 97 Golf Galaxy stores and 14 Warehouse Sale locations in 47 states.
Outside of these brick-and-mortar locations, the company offers its products through a content-rich e-commerce platform that is integrated with its store network.
Excluding Thursday’s move, Dick’s Sporting Goods stock had outperformed the broad markets with a gain of about 17% year to date. In the past 52 weeks, the share price was up closer to 42%.
Dick’s Sporting Goods stock traded up about 2.5% to $59.33 on Thursday, in a 52-week range of $13.46 to $59.68. The consensus price target is $62.33.