Oct 25, 2021
According to Bill Read, executive vice president of our sister company, Retail Specialists, Aaron’s is reducing it’s company-operated stores by 300 stores. The company is right-sizing its real estate footprint to increase profitability while rolling out a new prototype and increasing the focus on Aarons.com for shopping and service.
Aaron’s has announced it is repositioning its store fleet. A recent real estate trend by Burlington, Macy’s, and Nordstrom is to open smaller stores, but Aaron’s is taking a different approach in consolidating stores stating in their annual report they will “Align our store footprint with customer opportunity.” By choosing to open less stores, it turns out each store is more profitable.
“Our Real Estate Strategy leads to fewer, more profitable stores.”
Source: Aaron’s annual report from February, 2021
- Rent-to-own business model
- Been in business for 65+ years
- $1.7B in revenue
- 1000+ company-owned stores, 248 franchised locations
- Operate in more than 700 markets
- Trades on NYSE under AAN
- As of 12/31/20 1.1M customers had leases with Aaron’s