DICK'S Sporting Goods Inc. 's ( DKS ) expansion strategy is in full swing. Yesterday, the company announced that it will open three new stores, two in California and one in Michigan.
In California, the new stores will come up at Monte Vista Crossings in Turlock and at Pacific Commons in Fremont, marking the company's 37th and 38th store in the state, respectively. The new Michigan store will be housed at Riley Center in Holland, marking the company's 23rd outlet in the state.
Addition of these stores will bring DICK'S Sporting's total store count in the country to 596. The celebrations to mark the opening of these new stores will commence on Oct 31 and continue over the weekend.
The store offerings will include over 40 suitable in-store services provided by DICK'S Sporting certified PROS in sports and outlook specialties including Golf, Bike and Fishing. Moreover, the new locations will be highlighted by Under Armour Inc. ( UA ) and Nike Inc. ( NKE ) shops. They will also include other athletic clothing and footwear brands along with the latest equipment for team sports, fitness, camping, hunting and fishing.
In order to attract customers to its new stores DICK'S Sporting announced a range of lucrative giveaways during the celebration period.
The company will distribute free Reebok Play Dry T-Shirts to the first 100 people in queue on the opening day. Also, the early birds will get an opportunity to open the DICK'S Sporting Goods Gift Locker on all three days. Moreover, on Saturday and Sunday, it plans to give free Mystery Gift Cards worth $5-$500 to the first 100 adults in queue.
Additionally, to lure customers, the company has invited celebrities like Ricky Watters, Kirk Maltby and Dusty Baker to make special appearances at the new stores on different days.
We believe that this full-line sporting goods and apparel retailer will benefit from its in-store action and online growth strategies. The company's in-store remodeling efforts, launch of shop-in-shop facilities and recruitment of more competent sales personnel have continually boosted its top line. Furthermore, the company is aggressively enhancing its eCommerce capabilities to increase sales as well as market share in online retailing.
DICK'S Sporting's strategic measures to strengthen its store base and the use of technology to provide better services are likely to improve its relationship with present customers while attracting new ones.
DICK'S Sporting currently carries a Zacks Rank #4 (Sell). A better-ranked stock in the same industry is Barnes & Noble Inc. ( BKS ), which carries a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report