Big Lots has announced plans to close more stores, including one of its most significant locations. Spanning approximately 30,300 square feet, this prominent store is set to shut its doors shortly after the holiday shopping season concludes, with the closure scheduled for January.
This decision marks a pivotal moment in the company's strategy as it navigates the evolving retail landscape
Closure of Big Lots Store in Carmichael, California
According to the Sacramento Business Journal, the Carmichael Center's anchor store, Big Lots, in Carmichael, California, was put up for lease last month.
In an email, a Big Lots spokesperson, Josh Chaney, explained that the company routinely evaluates its stores to meet customer and business needs. 'This evaluation sometimes leads to shutting down or moving stores,' Chaney stated.
Notably, this is the second Big Lots store in the region to close within a year.
In January, Big Lots revealed plans to close three of its stores in California, including one in Carmichael and four others in Colorado.
In another report, the company also announced its closure in Colonie Plaza.
The company said they regularly assess their store locations as part of standard retail procedures to ensure they optimally serve their customers and business needs.
This assessment can sometimes lead to stores being closed or moved to new locations. Currently, the Colonie store is offering sales on its products.
After it is completed, customers are invited to visit Big Lots' other stores in the Capital Region, including those in Troy, Clifton Park, and Amsterdam.
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Behind Big Lots Closure
In 2022, Big Lots opened 50 new stores, but during an earnings call in December, Chief Financial Officer Jonathan Ramsden said the company had closed about the same number of shops or a few more.
Ramsden explains that some Big Lots stores are closing as the company intends to sell those properties. In other instances, the closures are due to the stores not performing well, according to the company.
Meanwhile, In a statement, Bruce Thorn, Chief Executive Officer of Big Lots, attributed the store closures to significant shifts in consumer spending patterns. "Our sales and gross margin aligned with our forecasts, and crucially, our inventory levels have significantly reduced compared to last year," he stated.
Thorn further detailed that Big Lots plans to concentrate more on rural and small-town markets, where the company has consistently outperformed other discount retailers.
Big Lots is hosting an impressive Black Friday sale, offering substantial discounts every Friday from October 6 to December 22, with some deals slashing prices by up to 50%.
Thorn mentioned that the company aims to provide customers with easy access to low costs throughout the holiday season. "This holiday season, Big Lots is simplifying the process for customers to access some of the year's best deals.
Each Friday until Christmas, we're offering up to 50% off on a variety of one-day deals, ranging from food and home necessities to holiday decorations, gifts, furniture, and more," he stated.
However, customers need to be quick as these offers are available for just 24 hours and only in stores.
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