Jos A. Bank to expand portly and tall line, tuxedo rental program

Retailer eyeing new growth opportunities, such as in outlets and conventional stores, despite cautious consumers

April 01, 2010|By Andrea K. Walker | | Baltimore Sun reporter

Men's clothier Jos. A. Bank said Thursday that it will expand its line for portly and tall men and roll out to all of its stores a pilot tuxedo rental program it started last year.

The retailer also told analysts to expect an announcement about outlet stores in the next few weeks, leaving open the probability that it will open more of the lower-priced stores this year.

The announcements were made during a Thursday morning earnings conference call with analysts.

The retailer is trying to look for new growth opportunities as consumers continue to spend cautiously because of the economy.

Despite penny-pinching consumers, the retailer has managed to post sales gains through heavy discounting. It has also aggressively renegotiated rents with landlords and said it has gained new customers, including some who are trading down from more expensive designer labels.

The retailer said it will also ramp up the opening of full-priced stores this year. It had pulled back during the recession, but now says it will open 30 stores this year. It will focus on moving into vacant spaces left by other retailers that have gone out of business. Prior to the economic downturn, the retailer expanded into newly built open-air shopping centers.

The retailer said it hopes to have 600 stores by 2014. It now operates 473 stores in 42 states and Washington.

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