The Container Store Group, retailer of organizing solutions, custom spaces and in-home services, has opened its 100th store location in Princeton, New Jersey, further advancing the company’s strategy to expand its footprint to reach $2 Billion in revenue.
The store is the sixth small-format store the company has opened to date and one of five anticipated to open in its fiscal 2023 ending March 30, 2024. A primary objective of its small-format stores is high productivity with a full Custom Spaces Studio featuring its Preston, Avera and Elfa lines, curated assortment of complementary general merchandise, and in-home services, at an average of 12,500 selling square feet. Many of the locations are also built-to-suit.
“Opening our 100th store is a significant milestone as we execute our strategic priority of Expanding Our Reach and continue to unlock our long-term growth potential,” said CEO and President Satish Malhotra. “We continue to be pleased with the productivity of our small-format stores, specifically with the faster adoption of Custom Spaces, which is a key component of future sales growth for The Container Store. At the end of our second quarter, this adoption was averaging 39% of sales per store. In addition, we saw an average of over 60% new customers shopping with us in these locations and the Net Promoter Score for our small-format stores remains incredibly strong at 83.”
The company’s next store opening is slated for Spring 2024 in Gaithersburg, Maryland.
