Big Lots Opens Asian Buying Offices
Big Lots has opened international buying offices in Shanghai, China, and Ho Chi Minh City, Vietnam, in an effort to enhance the company's competitiveness in sourcing products, including closeout deals and extreme bargains.
The initiative is expected to yield significant operational cost savings beginning in fiscal year 2024 and will bring the company's long-time, exclusive third-party agent's sourcing team in-house as Big Lots' Asia sourcing team. The new international buying offices will also create a stronger platform for overseas procurement and assortment optimization, as part of Big Lots' strategy to reclaim its bargain heritage, the retailer said.
"Global sourcing is key to our ability to add newness and expanded assortment at extreme value prices for our shoppers," said Bruce K. Thorn, Big Lots president and chief executive officer. "Today's announcement positions us for even greater success in a changing global marketplace as we create more extreme bargains and everyday great values for our customers. We are very pleased to welcome this seasoned sourcing team to the Big Lots family."
The offices will be under the leadership of Kevin Kuehl, senior vice president and general merchandising manager at Big Lots' out of the corporate headquarters in Columbus, Ohio. He noted the company's buyers will be strategically situated near significant manufacturing facilities and vendor partners in Asia.
Big Lots officials said the move also aims to help the organization expand its sourcing network for critical categories such as furniture, seasonal items, and soft home goods to developing markets in Central and South America, Africa, and other regions.
