JD Sports has their sights set on world domination as the sneaker and sportswear retailer plans to open 250-350 stores annually across the globe. JD Sports’ newly-appointed CEO, Regis Schultz, said that the company expects to generate £1 billion (approximately $1.2 billion USD) in cash each year with JD Sports’ latest strategy, per The Herald.
Schultz, who succeeded Peter Cowgill as CEO in August, said JD Sports will continue to invest in the UK, but new store openings would be focused on North America and continental Europe.
In the UK, we will continue to strong stores and expand into significantly bigger sites. We think there is potential for up to 600 stores in the US and 400 to 500 in Europe, which will include France, Italy, Germany and Spain.
Building on our strong existing position and attractive long-term market dynamics, we see significant growth opportunities ahead by expanding JD internationally, notably in North America and Europe.Regis Schultz, CEO of JD Sports
For JD Sports’ 5 year strategy, the company will focus its attention on market areas that JD Sports has not yet accessed. This 5 year plan includes 20 to 30 new store openings in the UK, where JD Sports currently runs around 440 shops in the UK and Ireland.
This aggressive expansion plan demands up to £600 million (approximately $723 million USD) of capital investment each year. The JD Sports management team is also hoping to achieve double-digit revenue growth across the next 5 years, as well as double-digit market share gains in key regions.
This announcement comes weeks after JD Sports reported that annual profits will be towards the top end of expectations following strong sales growth over the key festive period.
As JD Sports aims to become a leading global sportswear powerhouse, they will also enhance their omnichannel retail offering, invest in technology and analytics, and leverage their long-term strategic brand partnerships to better serve their customers.
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