USA: May Department Stores In $4.1 Billion Expansion
May Department Stores Co, owner of Lord & Taylor, Famous-Barr and The Jones Store, has revealed details of an ambitious expansion plan that will see it open more than 200 new stores by the end of 2006.
A Securities and Exchange Commission filing on Friday said the St Louis-based retailer is looking to open 62 new department stores and at least 150 bridal group stores over the next five years.
The $4.1 billion investment includes a $1.6 billion for new stores, $1.2 billion to expand and remodel existing stores, and $370 million for systems and operations upgrades.
May currently has 439 department stores in 37 states. This year it plans to open 11 new department stores and remodel 31.
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