MORRIS COUNTY — New Jersey-based retail chain, Burlington Stores, is on a spree of acquiring leases of the now-closed Bed Bath & Beyond outlets. Due to fiscal pressures, this aggressive strategy was adopted after Bed Bath & Beyond shuttered over 700 of its stores nationwide. In a recent move, Burlington Stores took over 62 leases from the former retail giant, with 50 in June and an additional 12 recently.
Michael O’Sullivan, the CEO of Burlington, has charted a roadmap to inaugurate 100 fresh stores every year, starting from the fiscal year 2024. Burlington’s journey began in 1924 as a wholesaler of women’s coats and transitioned to retail in 1972 with its maiden store in Burlington.
Though Burlington encountered challenges in its expansion efforts, primarily due to the constrained retail real estate landscape, the recent acquisition of Bed Bath & Beyond leases has given them a boost. The company is also innovating with a more compact store design, aiming for locations that suit their brand better than their usual 45,000-square-foot spaces. The empty Bed Bath & Beyond stores, with an average size of around 30,000 square feet, align well with this new approach, located in prime retail zones.
Burlington has not confirmed whether they’ve acquired the East Hanover location, though it’s a prime spot.