Big Lots is a closeout retailer offering products under various merchandising categories including consumables, home goods, furniture and seasonal goods. As of Aug 4, 2018, the company operated 1,415 Big Lots stores in 47 states and biglots.com. As of Aug 4, 2018, the company operated 1,415 Big Lots stores in 47 states. In fiscal 2017, the company opened 24 and closed 40 stores in the US. In fiscal 2018, the company expects to open 30 new stores and close approximately 40 existing stores. Except for 53 owned stores in the US all stores are leased, are predominantly located in strip shopping centers, and have an average store size of approximately 31,500 square feet, of which an average of 22,200 square feet is selling square feet. The current prototype for new stores targets approximately 23,000 selling square feet. Typical leases are for an initial minimum term of 5 to 10 years with multiple five-year renewal options.
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