Lululemon has announced a new strategy that will allow them to open more retail stores by 2023!
Through 2023, Lululemon is planning on growing its square footage annually by a low double-digit percentage rate. The athletic apparel retailer stated that they have four different types of concept stores that they are looking to open soon.
The four concepts include: a temporary, pop-up store; a 3,000-square-foot store; a 5,300-square-foot store; and a 25,000-square-foot version, which is set to open in Chicago this summer!
Lululemon has a five-year growth strategy that revolves around the “Power of Three” concept, which includes product innovation, guest experiences and market expansion.
Moving forward, Lululemon says it will continue to sign short leases — for three to six months — that will allow them to test new markets or capitalize on a flood of foot traffic, like it did when it opened a pop-up shop at Harvard Square during the back-to-school season.
65% of Lululemon’s sales where created from their brick-and-mortar stores, while 26% of their revenue came from online. As of the end of last year, Lululemon had 440 locations globally! We will have to wait and see how their new retail concepts perform.