The Container Store Opens Its 100th Location
The Container Store has opened its 100th store in Princeton, N.J., further advancing the company’s strategy to expand its reach as part of its path to $2 billion in revenue.
The new store is the retailer’s sixth small-format store and one of five anticipated to open in its fiscal 2023 ending March 30, 2024. A primary objective of its small-format stores is high productivity with a full custom spaces studio featuring its Preston, Avera and Elfa lines, curated assortment of complementary general merchandise, and in-home services, at an average of 12,500 selling square feet.
Many of the locations are also built-to-suit, making them an appealing financial proposition.
“Opening our 100th store is a significant milestone as we execute our strategic priority of Expanding Our Reach and continue to unlock our long-term growth potential,” said Satish Malhotra, CEO and President of The Container Store. “We continue to be pleased with the productivity of our small-format stores, specifically with the faster adoption of Custom Spaces, which is a key component of future sales growth for The Container Store.”
Malhotra noted that at the end of the company’s fiscal year second quarter, Custom Spaces was averaging 39% of sales per store. Additionally, the retailer saw an average of more than 60% new customer shopping at The Container Store.
The home organization specialty retailer’s next store opening is slated for spring 2024 in Gaithersburg, Md.