Ross Stores is an off-price retailer offering branded and designer apparel, footwear and home fashions for the entire family, as well as gift items, linens and other home-related merchandise. As of Aug 4, 2018, the company operated 1,680 stores, including 1,453 Ross Dress for Less stores in 37 states, the District of Columbia and Guam, and 227 dd’s DISCOUNTS stores in 16 states. In 2017, the company opened 74 and closed 5 Ross stores and opened 20 net new dd’s DISCOUNTS stores. During the first half of fiscal 2018, the company opened 42 net new Ross stores and 14 net new dd’s DISCOUNTS stores. The company plans to open 100 new stores in fiscal 2018, consisting of 75 Ross stores and 25 dd’s DISCOUNTS stores. As of year-end, company owned 2 stores, and the remaining stores are leased. The majority of stores had unexpired original lease terms ranging from 3 to 10 years with 3 to 4 renewal options of 5 years each. The average unexpired original lease term of leased stores is 5 years or 21 years if renewal options are included. Stores are located predominantly in community and neighborhood shopping centers in heavily populated urban and suburban areas. The average approximate Ross store size is 28,200 square feet and the average approximate dd’s DISCOUNTS store size is 23,100 square feet, with approximately 80% of both utilized as selling space.
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