May Cuts Back

May Department Stores Co. plans to open 11 new department stores in 2002, half the number it opened last year. However, the St. Louis-based retailer is also stepping up the expansion of its David's Bridal chain, by opening 30 such outlets in the coming year, two more than last year.

In 2002, May plans to open three Lord & Taylor stores, two Hecht's stores, two Foley's stores, and one store each for Robinsons-May, Filene's, Kaufmann's and Famous-Barr. Those openings will add 1.7 million square feet of retail space, and three of the new stores will be in new markets for the retailer.

Last year, May opened 22 new stores — five Lord & Taylors, seven Hecht's, seven Foley's and one store each for Robinsons-May, Kaufmann's and Famous-Barr — and entered five new markets.

The company has also been growing by acquisition. In December, May bought After Hours, the largest tuxedo rental and sales retailer in the U.S., and late last month it acquired Priscilla of Boston, an upscale bridal chain.

“The opportunities for expanding both of these groups are terrific,” said Gene Kahn, May's chairman and ceo. “David's Bridal, the largest retailer of bridal gowns in the country, had a strong performance in 2001, and we plan to support its growth with 30 new stores in 2002. David's opened 28 stores in fiscal 2001.”

At the end of fiscal 2001, May operated 439 department stores under the names of Lord & Taylor, Hecht's, Strawbridge's, Foley's, Robinsons-May, Filene's, Kaufmann's, Famous-Barr, L.S. Ayres, The Jones Store, and Meier & Frank, as well as 150 David's Bridal stores, 240 After Hours stores and 10 Priscilla of Boston stores. May operates in 44 states, the District of Columbia and Puerto Rico.