The location was the first to be announced this year as shuttering.
Author’s Note
This article is based on corporate postings and accredited media reports. Linked information within this article is attributed to the following outlets: Wikipedia.org, ScrapeHero.com, and SFGate.com.
Introduction
Wikipedia features a comprehensive and well-attributed overview of the Ross Dress For Less chain: Ross Stores, Inc., operating under the brand name Ross Dress for Less, is an American chain of discount department store headquartered in Dublin, California. It is the largest off-price retailer in the U.S.
According to ScrapeHero.com: There are 1,697 Ross Stores locations in the United States as of January 09, 2023. The state with the most number of Ross Stores locations in the U.S. is California, with 336 locations, which is about 20% of all Ross Stores locations in the U.S.
The company was founded in 1954 and is highly successful per most relative metrics, yet a recent closure of an individual location in the San Francisco area has raised questions on social media due to a continued expansion of the entity.
Let us explore further.
Ross Dress For Less, 2023
According to a recent report from SFGate.com, entitled “Ross To Close San Francisco Store, Downsize Bay Area Office Space,” the location at 5200 Geary Boulevard in the Richmond District permanently shuttered on January 10th.
As excerpted from the article: A manager at the store confirmed the closure to SFGATE. Ross also recently listed two and a half floors of its Dublin headquarters for lease, the San Francisco Business Times first reported. Despite these downsizing efforts locally, the company announced in October that it opened 28 new stores across 21 different states, including California, over the course of two months.
The closure appears to have been an outlier, though the company itself has faced its share of financial challenges in recent years.
The report went on to state: An earnings report published by Ross in November shows that the company's earnings for the third quarter of the past fiscal year were down from the prior year, in part due to "uncertainty in today’s macroeconomic and geopolitical environment that continues to negatively impact consumer sentiment and demand." However, Ross CEO Barbara Rentler said in the report that the company's earnings for the quarter "were above our expectations as we delivered stronger values throughout our stores."
Conclusion
To reiterate, the location appears to be an outlier as it regards company closures as the entity appears to be remaining in expansion mode.
In the event of pertinent updates to these matters I will share them here on NewsBreak.
Thank you for reading.
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