The Container Store Group Inc. (Coppell, Texas) has opened its 100th store, in Princeton, N.J., as part of an ongoing strategy to eventually reach $2 billion in annual revenue. The 100th store is also the sixth small-format store (12,500 square feet of space) the retailer has opened thus far and one of five anticipated to open in its fiscal 2023 ending March 30, 2024.
“Opening our 100th store is a significant milestone as we execute our strategic priority of Expanding Our Reach and continue to unlock our long-term growth potential,” said President and CEO Satish Malhotra. “We continue to be pleased with the productivity of our small-format stores, specifically with the faster adoption of Custom Spaces, which is a key component of future sales growth for The Container Store.
“At the end of our second quarter, this adoption was averaging 39 percent of sales per store. In addition, we saw an average of over 60 percent new customers shopping with us in these locations and the Net Promoter Score for our small-format stores remains incredibly strong at 83.”
Founded in 1978, Container Store sells organizing solutions, custom spaces and in-home services. Its next store opening is slated for spring 2024 in Gaithersburg, Md.