Shoe carnival announced the launch of a small market store concept. The footwear and accessories retailer sees the new format as the best strategy for building presence in smaller communities, where there are holes in the existing markets.
"Our team is excited about the development of a smaller store format that will leverage our strong brand relationships and multi-channel presence," said Cliff Sifford, president and CEO. "These new stores, combined with our Shoes 2 U initiative, which is our next step in creating an endless aisle experience, will give consumers in smaller markets greater accessibility to footwear than ever before with the ability to shop the full assortment of shoes available across all of our Shoe Carnival stores."
Shoe Carnival's smaller market stores will be about 5,000 sq. ft., half the size of a current location. The company expects to begin opening the new stores in the next six to nine months, and will then consistently expand over the next few years.
Downsizing is not unique to Shoe Carnival. Many retailers are choosing to build smaller format stores. For example, Target (NYSE:TGT) announced earlier this year that it would build nine more small-format stores in 2015. The big-box retailer has been pushing the growth of its Express stores, as it looks to grow its footprint in urban markets. Walmart (NYSE:WMT) has also been revving up expansion of all small-format stores.
-See this Shoe Carnival press release
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