L.L. Bean has announced plans to expand its brick-and-mortar presence by more than tripling the number of stores in the United States by 2020.
After five years of increasing revenue, L.L. Bean will open four stores in 2015, and the company is hoping to open 100 more by 2020, reported the Burlington Free Press. The expansion will include the retailer's first West Coast presence—specifically the Pacific Northwest.
L.L. Bean currently operates 26 full-price stores, along with a few outlet stores.
The company broke records in 2014, which was its most profitable year since the retailer opened its doors in 1912. As a result, the company announced a plan to spend $100 million on website technology, business systems, merchandise assortments and new stores. In addition, the family-owned retailer announced a 5 percent bonus for its 5,300 year-round employees.
"We had a strategy to open more stores rapidly prior to the recession," CEO Chris McCormick told the Burlington Free Press. "Then the recession came and I decided to pull back on capital investments until we could get through the economic downturn. It feels like right now, in 2015, the outlook is getting brighter."
L.L. Bean is traditionally known for its trademarked rubber-bottomed, leather-topped boots, but it is also gaining a reputation for its customer service. In a recent annual Harris Poll Reputation Quotient study, the retailer ranked No. 7 on a list of companies perceived to have the best reputations in the industry.
-See this Burlington Free Press article
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