Jos. A. Bank to launch outlet stores

Hampstead, Md. Jos. A. Bank Clothiers announced that it plans to launch a factory store rollout, beginning with the opening of five test locations in fiscal year 2010. Based on the initial results, the retailer said it sees an opportunity to open an additional 50-75 factory stores throughout the country.

The company said it has developed new merchandise for the format.

“A factory store concept is a natural extension of our brand,” stated R. Neal Black, president and CEO of JoS. A. Bank. “Based on our research and from the results of our seven existing clearance outlet stores, we should be able to reach a unique customer base that has limited overlap with the customer base in our regular stores. This combination of successful factory store centers, where we have almost no current penetration, along with prospective new, underserved customers is the basis of our opportunity.”

Jos. A. Bank currently operates 473 stores. The chain said its new outlet store format will be incremental to the company’s ongoing plans to expand to approximately 600 full-line stores.