The Container Store has opened its 100th brick-and-mortar location in Princeton, N.J. — a small-format concept designed to boost employee productivity and optimize the customer journey.
This is the sixth small-format location the Container Store has opened to date. and one of five the specialty retailer plans to launch in its fiscal 2023, which ends March 30, 2024. Beyond its 12,500 square feet of selling space, the store touts a full Custom Spaces Studio featuring its Preston, Avera and Elfa lines, a curated assortment of complementary general merchandise and in-home services. The next small-format store is slated to open spring 2024 in Gaithersburg, Md.
The Container Store’s service-oriented business and niche category focus makes brick-and-mortar a significant revenue-generating opportunity for the brand. As a result, opening physical locations is a “strategic priority” as the Container Store works to expand its reach and drive long-term revenue growth, President and CEO Satish Mahlhotra shared in a statement.
“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,” Mahlhotra said. “At the end of our second quarter, this adoption was averaging 39% of sales per store. In addition, we saw an average of over 60% new customers shopping with us in these locations and the Net Promoter Score for our small-format stores remains incredibly strong at 83.”
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