netrashetty
Netra Shetty
Big Lots, Inc. (NYSE: BIG) is a Fortune 500 retail corporation with annual revenues well over $4 billion. Its department stores focus mainly on selling closeout and overstock merchandise. The company is based in Columbus, Ohio, USA and currently operates over 1,400 stores in 47 states. A typical store sells a wide variety of merchandise, including toys, furniture, clothing, housewares, and small electronics. Most of the items sold in these stores are purchased as they become available. What is in the store one day may not be there the next, and the store may not get further shipments of those particular items. Most of the merchandise in the stores are closeouts and overstocks. However there are some items in the stores, such as foodstuffs, that are replenished on a continual basis.
In many cases, Big Lots uses an existing building, such as a grocery or department store that had either moved or ceased operations.
Big Lots (NYSE:BIG) is a U.S. off-price retailer that sells everything from food and clothes to furniture and appliances. Specifically, it is a closeout retailer -- it purchases merchandise, at very low prices, directly from vendors that result from production overruns, packaging changes, discontinued products, liquidations, or returns -- and thus is able to offer products at much lower prices than traditional discount retailers like Dollar Tree Stores (DLTR). [1] The company is also able to acquire merchandise from brand name retailers and appeals not only to the lower-class but also price-conscious middle-class consumers. At the end of 2009, Big Lots operated 1,361 stores in 47 states across the United States and generated $4.7 billion in net sales[2][3] -- its sales places it as a comparably-sized competitor against dollar-discount stores such as Family Dollar Stores (FDO) and Dollar Tree Stores (DLTR), which had net sales of $7.4 billion[4] and $5.2 billion[5] in 2009, but significantly behind low-end retailers such as Wal-Mart (WMT), which had net sales of $408 billion in FY2010.[6]
Contents
1 Company Overview
1.1 Business Model
1.2 Business Segments
1.3 WIN Strategy
2 Business Growth
2.1 FY 2009 (ended January 30, 2009)[2]
2.2 Q1 2010 (ended May 1, 2010)[14]
2.3 Q2 2010 (ended July 31, 2010)[15]
2.4 Q3 2010 (ended October 30, 2010)[16]
3 Trends and Forces
3.1 Supply of Closeout Merchandise Depends on Economy
3.2 In a Strengthening Economy, can Big Lots Maintain Consumer Base of Recession?
3.3 Merchandise Supply Affected by Exchange Rates
3.4 Dependence on Business in Four States
4 Competition
4.1 Big Lots vs. Dollar Stores
4.2 Big Lots vs. Big-Box Sellers
5 References
Big Lots is somewhat shielded from the negative impacts of tough economic times by its position as a niche market retailer for thrift-minded middle-class consumers who put emphasis on quality and value. During economic slowdowns, discount stores like Big Lots typically have an influx of customers looking to save money. In 2008, despite having net income fall 4.4% due to higher operating expenses, the company's comparable store sales actually grew by 0.5%. [7] The growth in 2008 carried over into 2009, during which comparable store sales and net sales grew by 0.7% and 1.8% respectively. [8] However, as the economy continues to emerge from the recession in 2010 and as consumers are more willing to spend extra dollars for quality goods, Big Lots faces the challenge of maintaining and strengthening the customer base it gained during the recession.
Additionally, in 2009 the company opened 26 net stores, which is significant because since 2005 the company has had annual net decreases in the number of operational stores.[9][10] In 2010, the company plans to accelerate its rate of store growth by opening 40 net new stores.
Company Overview
Business Model
Big Lots is a national retailer of closeout merchandise that results from production overruns, packaging changes, discontinuation of products, liquidations, and returns. The company's business model is organized into two distinct and important steps. The first step is to find and maintain a steady supply of closeout merchandise. Due to the nature of closeout merchandise, BIG has formed important arrangements with top vendors to ensure that its store are stocked with merchandise from all categories. In 2009, the largest vendor of closeout merchandise accounted for 3% of BIG's total purchases, and the top ten vendors accounted for 14% of total purchases.[11] The second step is to price significantly below general and other discount retailers to appeal to value-minded consumers interested in purchasing brand-name merchandise at a large discount.
Business Segments
Big Lots sells closeout merchandise from different retail categories, including:[12]
Consumables (30.8% of net sales): food, health and beauty, plastics, paper, chemical, and pet products.
Home (15.2% of net sales): domestics, stationery, and home decorative products.
Furniture (15.2% of net sales): upholstery, mattresses, bedroom, dining room, and occasional furniture.
Hardlines (14.3% of net sales): appliances, electronics, video games, tools, and home maintenance products.
Seasonal (12.5% of net sales): lawn & garden, Christmas, summer, and other holiday products.
Other (12% of net sales): toy, jewelry, infant accessories, and apparel products.
WIN Strategy
In August 2005, Big Lots introduced a new operating strategy called the What’s Important Now Strategy (“WIN Strategy"). The new strategy focused on improving three main elements: merchandising, real estate, and cost structure. In the merchandising strategy, the company planned to provide unmatched value, better quality, and to increase the recognized brand name merchandise as a percentage of the overall merchandise assortment. The company's real estate strategy to increase expansion hit a roadblock with the economic recession. However, in 2009, because of increased store productivity and the weak real estate market, the company plans to increase its store base for the first time in 5 years. Lastly, the cost structure strategy was aimed to reduce expenses by reducing inventory and lowering distribution costs. As a result, operating profit has gone from 0.6% of net sales when the strategy was implemented to 5.5% in 2009.[13]
Business Growth
FY 2009 (ended January 30, 2009)[2]
BIG's 2009 net income totaled $200.4 million, a 32.2% decrease from 2008. Net margin during 2009 was 4.2% of net sales revenue, up 90 bps from 3.3% of net revenue a year ago.
Total net revenue was $4.76 billion, an increase of 1.8% from $4.65 billion in 2008. The company attributes the increase in revenue to the effect the sluggish economy is having on customers, as they are trending to shop more at discount stores. Growth in sales was driven by a 0.7% increase in comparable store sales.
Comparable store sales increased 0.7% in 2009 for stores that have been opened two years or more, and sales per retail square footage held steady at $162 in 2009, slightly higher than the $158 in 2008.
Operating margin in 2009 was 6.9% of net sales, up 140 bps from a margin of 5.4% of net sales a year ago. Operating profit for the year was $325 million, which grew in part to a slight decrease in SG&A expenses. In addition, inventory turnover was 3.7.
At the end of 2009, BIG operated 1,361 stores, a net increase of 32 stores. In 2010, the company plans to open 40 net new stores.
Q1 2010 (ended May 1, 2010)[14]
Net income in Q1 2010 was $56 million, a 55% increase from net income of $36.2 million in the previous year's quarter. The company benefited from stronger sales and better inventory turnover.
Net sales increased 8.2% to $1.2 billion, compared to $1.1 billion. Comparable store sales growth for stores open at least two years increased 6%.
Operating margin was 7.3% of net sales, up 200 bps from a margin of 5.3% in the prior year's quarter. Operating profit increased 49% to $90.1 million.
BIG operated 1,367 stores at the end of the quarter, a net increase of 6 stores compared to the end of FY 2009.
Q2 2010 (ended July 31, 2010)[15]
Big Lots' second quarter net income increased 37% to $38.9 million, compared to $28.4 million in the previous year. The company attributes the increase to higher and more profitable sales.
Net sales increased 5% to $1.14 billion. Same store sales increased by 3.8% for the quarter.
Operating profit dollars increased 33% and operating profit rate improved by 110 basis points compared to last year.
BIG operated 1,374 stores at the end of the second quarter, a net increase of 7 stores compared to the previous period.
Q3 2010 (ended October 30, 2010)[16]
Big Lots' third quarter net income fell 42% to $17.7 million, compared to $30.3 million a year earlier. The company blamed cautious shoppers who only bought items at very steep discounts.
Big Lots' net sales increased 2% to $1.06 billion. Furniture, upholstery, and seasonal items (for Halloween and Christmas) sales were strong, whereas food sales were weaker as competition from local and discount stores increased.
Same-store sales decreased 0.7% for the period.
BIG operated 1,389 stores at the end of the third quarter, a net increase of 15 stores compared to the end of the second quarter.
Trends and Forces
Supply of Closeout Merchandise Depends on Economy
During slow economic times, big brand retail stores struggle getting merchandise off store shelves, and many of them are left with excess inventory. Additionally, retailers that go bankrupt, like Circuit City Stores (CCTYQ), Linens n' Things, and KB Toys, enter liquidation during which they are looking to get rid of their merchandise by any means necessary. During the recession, both of these occurrences were highly advantageous for Big Lots because it relies on finding sources of closeout merchandise from brand-name retailers to maintain its store inventory of discounted goods. Furthermore, as general retailers and bankrupt companies were eager to clear out excess merchandise, Big Lots was be able to purchase closeout merchandise at lower prices, reducing cost and increasing profit margins. [17]
However, as the economy emerges from the recession, Big Lots will not have the luxury of acquiring merchandise as it did during the recession. A strong economy means that retailers will have less trouble getting items off store shelves and fewer of them will go bankrupt. If Big Lots isn't able to provide its customers with quality items at low enough prices, the company's bottom line would be negatively impacted.
In a Strengthening Economy, can Big Lots Maintain Consumer Base of Recession?
Big Lots targets not only lower-class consumers but also the price-conscious middle-class segment of the retail market because it sells brand-name items, at heavily discounted prices, which preferred by middle-class consumers. The business model especially appeals to more middle-class consumers during tough economic times as consumers become more thrifty during but still want to maintain the quality of merchandise they purchase. In general, most discount retailers, have either done well or not been hurt too much during the economic struggle.[18][19] In 2009, Big Lots' comparable store sales and net sales increased by 0.7% and 1.8% respectively, showing that the company saw increased traffic.[2]
But as the economy strengthens in 2010, consumers are becoming less price conscious and are willing to spend more dollars in exchange for quality. Before the recession, 67% of consumers visited discount retailers. In 2009, at the peak of the recession, the number hit 75%. However, as the economy rebounds, early 2010 data shows that only 71.2% of consumers are visiting disount retailers.[20] With middle-class consumers leading this trend, Big Lots stands to lose many of the customers it gained during the recession. If this happens, its bottom line will suffer.
Merchandise Supply Affected by Exchange Rates
In 2009, Big Lots purchased 25% of its merchandise directly from foreign vendors (a 2% decline from 2008) with 19% from Chinese vendors alone.[21] A substantial portion of the merchandise Big Lots purchases domestically are also originally supplied by overseas vendors. As the value of the dollar fluctuates against foreign currencies, especially the Chinese yuan, Big Lots risks decreases in its profit margins, since the cost of acquiring merchandise from overseas vendors will increase if the dollar weakens relative to foreign currencies.[22]
Dependence on Business in Four States
Big Lots stores are concentrated heavily in California, Texas, Florida, and Ohio, with 36% of the company's stores (496 stores) located in these states. In 2009, sales from stores in the four states accounted for 38% of the company's total revenue.[3] The local economies of these states plays an important factor in the sales and risk of the company in two ways. The first is that if retail companies in these states build up inventory or become liquidated, Big Lots will have the power to substantially increase its merchandise and product diversity and attract more customers to its stores. The second is that if the local economies of these states are hit too hard by the recession, it causes consumers to cut back on discretionary spending and avoid Big Lots' stores despite the low prices.
Competition
Big Lots vs. Dollar Stores
Big Lots is a discount retailer that competes with other stores that have similar business models. Thus, Big Lots faces direct competition from dollar-store chains, such as Family Dollar Stores (FDO) and Dollar Tree Stores, that sell many products are very low prices.
Description of dollar store companies:
Family Dollar Stores (FDO): operates 6,598 stores in 44 states. Most of the merchandise the company sells ranges from less than a dollar to around $10 in price, with the majority under $1 per unit.[23]
Dollar Tree Stores (DLTR): operates 3,806 stores in 48 states. The company is the largest retailer offering a fixed price of $1 on all merchandise in its stores.[24]
Big Lots vs. Big-Box Sellers
As a discount retailer, Big Lots also faces significant competition from big-box sellers, such as Wal-Mart Stores (WMT) and Target (TGT), whose enormous scale allows each to extract value in their inventory purchases and pass these savings on to consumers. With an average square footage per store of 29,800 sq. ft., Big Lots stores are smaller than Wal-Mart's or Target's, but larger than comparable dollar discount retailers. In some sense, it is more nimble and less concentrated than big-box competitors, but does not necessarily enjoy the same economies of scale (though, as a large closeout discount retailer, it has some).
Description of big-box sellers:
Wal-Mart (WMT): is the world's third largest company[25] with 7,873 stores worldwide. Because of its mammoth size and buying power, Wal-Mart can buy its products at rock-bottom prices, exchanging high purchase volumes for low cost while passing the savings onto its customers.[26]
Target (TGT): operates 1,740 stores in 49 states. Target offers a range of general merchandise in a similar store format to Wal-Mart but targets a higher income demographic than that of Big Lots and Wal-Mart.[27]
In many cases, Big Lots uses an existing building, such as a grocery or department store that had either moved or ceased operations.
Big Lots (NYSE:BIG) is a U.S. off-price retailer that sells everything from food and clothes to furniture and appliances. Specifically, it is a closeout retailer -- it purchases merchandise, at very low prices, directly from vendors that result from production overruns, packaging changes, discontinued products, liquidations, or returns -- and thus is able to offer products at much lower prices than traditional discount retailers like Dollar Tree Stores (DLTR). [1] The company is also able to acquire merchandise from brand name retailers and appeals not only to the lower-class but also price-conscious middle-class consumers. At the end of 2009, Big Lots operated 1,361 stores in 47 states across the United States and generated $4.7 billion in net sales[2][3] -- its sales places it as a comparably-sized competitor against dollar-discount stores such as Family Dollar Stores (FDO) and Dollar Tree Stores (DLTR), which had net sales of $7.4 billion[4] and $5.2 billion[5] in 2009, but significantly behind low-end retailers such as Wal-Mart (WMT), which had net sales of $408 billion in FY2010.[6]
Contents
1 Company Overview
1.1 Business Model
1.2 Business Segments
1.3 WIN Strategy
2 Business Growth
2.1 FY 2009 (ended January 30, 2009)[2]
2.2 Q1 2010 (ended May 1, 2010)[14]
2.3 Q2 2010 (ended July 31, 2010)[15]
2.4 Q3 2010 (ended October 30, 2010)[16]
3 Trends and Forces
3.1 Supply of Closeout Merchandise Depends on Economy
3.2 In a Strengthening Economy, can Big Lots Maintain Consumer Base of Recession?
3.3 Merchandise Supply Affected by Exchange Rates
3.4 Dependence on Business in Four States
4 Competition
4.1 Big Lots vs. Dollar Stores
4.2 Big Lots vs. Big-Box Sellers
5 References
Big Lots is somewhat shielded from the negative impacts of tough economic times by its position as a niche market retailer for thrift-minded middle-class consumers who put emphasis on quality and value. During economic slowdowns, discount stores like Big Lots typically have an influx of customers looking to save money. In 2008, despite having net income fall 4.4% due to higher operating expenses, the company's comparable store sales actually grew by 0.5%. [7] The growth in 2008 carried over into 2009, during which comparable store sales and net sales grew by 0.7% and 1.8% respectively. [8] However, as the economy continues to emerge from the recession in 2010 and as consumers are more willing to spend extra dollars for quality goods, Big Lots faces the challenge of maintaining and strengthening the customer base it gained during the recession.
Additionally, in 2009 the company opened 26 net stores, which is significant because since 2005 the company has had annual net decreases in the number of operational stores.[9][10] In 2010, the company plans to accelerate its rate of store growth by opening 40 net new stores.
Company Overview
Business Model
Big Lots is a national retailer of closeout merchandise that results from production overruns, packaging changes, discontinuation of products, liquidations, and returns. The company's business model is organized into two distinct and important steps. The first step is to find and maintain a steady supply of closeout merchandise. Due to the nature of closeout merchandise, BIG has formed important arrangements with top vendors to ensure that its store are stocked with merchandise from all categories. In 2009, the largest vendor of closeout merchandise accounted for 3% of BIG's total purchases, and the top ten vendors accounted for 14% of total purchases.[11] The second step is to price significantly below general and other discount retailers to appeal to value-minded consumers interested in purchasing brand-name merchandise at a large discount.
Business Segments
Big Lots sells closeout merchandise from different retail categories, including:[12]
Consumables (30.8% of net sales): food, health and beauty, plastics, paper, chemical, and pet products.
Home (15.2% of net sales): domestics, stationery, and home decorative products.
Furniture (15.2% of net sales): upholstery, mattresses, bedroom, dining room, and occasional furniture.
Hardlines (14.3% of net sales): appliances, electronics, video games, tools, and home maintenance products.
Seasonal (12.5% of net sales): lawn & garden, Christmas, summer, and other holiday products.
Other (12% of net sales): toy, jewelry, infant accessories, and apparel products.
WIN Strategy
In August 2005, Big Lots introduced a new operating strategy called the What’s Important Now Strategy (“WIN Strategy"). The new strategy focused on improving three main elements: merchandising, real estate, and cost structure. In the merchandising strategy, the company planned to provide unmatched value, better quality, and to increase the recognized brand name merchandise as a percentage of the overall merchandise assortment. The company's real estate strategy to increase expansion hit a roadblock with the economic recession. However, in 2009, because of increased store productivity and the weak real estate market, the company plans to increase its store base for the first time in 5 years. Lastly, the cost structure strategy was aimed to reduce expenses by reducing inventory and lowering distribution costs. As a result, operating profit has gone from 0.6% of net sales when the strategy was implemented to 5.5% in 2009.[13]
Business Growth
FY 2009 (ended January 30, 2009)[2]
BIG's 2009 net income totaled $200.4 million, a 32.2% decrease from 2008. Net margin during 2009 was 4.2% of net sales revenue, up 90 bps from 3.3% of net revenue a year ago.
Total net revenue was $4.76 billion, an increase of 1.8% from $4.65 billion in 2008. The company attributes the increase in revenue to the effect the sluggish economy is having on customers, as they are trending to shop more at discount stores. Growth in sales was driven by a 0.7% increase in comparable store sales.
Comparable store sales increased 0.7% in 2009 for stores that have been opened two years or more, and sales per retail square footage held steady at $162 in 2009, slightly higher than the $158 in 2008.
Operating margin in 2009 was 6.9% of net sales, up 140 bps from a margin of 5.4% of net sales a year ago. Operating profit for the year was $325 million, which grew in part to a slight decrease in SG&A expenses. In addition, inventory turnover was 3.7.
At the end of 2009, BIG operated 1,361 stores, a net increase of 32 stores. In 2010, the company plans to open 40 net new stores.
Q1 2010 (ended May 1, 2010)[14]
Net income in Q1 2010 was $56 million, a 55% increase from net income of $36.2 million in the previous year's quarter. The company benefited from stronger sales and better inventory turnover.
Net sales increased 8.2% to $1.2 billion, compared to $1.1 billion. Comparable store sales growth for stores open at least two years increased 6%.
Operating margin was 7.3% of net sales, up 200 bps from a margin of 5.3% in the prior year's quarter. Operating profit increased 49% to $90.1 million.
BIG operated 1,367 stores at the end of the quarter, a net increase of 6 stores compared to the end of FY 2009.
Q2 2010 (ended July 31, 2010)[15]
Big Lots' second quarter net income increased 37% to $38.9 million, compared to $28.4 million in the previous year. The company attributes the increase to higher and more profitable sales.
Net sales increased 5% to $1.14 billion. Same store sales increased by 3.8% for the quarter.
Operating profit dollars increased 33% and operating profit rate improved by 110 basis points compared to last year.
BIG operated 1,374 stores at the end of the second quarter, a net increase of 7 stores compared to the previous period.
Q3 2010 (ended October 30, 2010)[16]
Big Lots' third quarter net income fell 42% to $17.7 million, compared to $30.3 million a year earlier. The company blamed cautious shoppers who only bought items at very steep discounts.
Big Lots' net sales increased 2% to $1.06 billion. Furniture, upholstery, and seasonal items (for Halloween and Christmas) sales were strong, whereas food sales were weaker as competition from local and discount stores increased.
Same-store sales decreased 0.7% for the period.
BIG operated 1,389 stores at the end of the third quarter, a net increase of 15 stores compared to the end of the second quarter.
Trends and Forces
Supply of Closeout Merchandise Depends on Economy
During slow economic times, big brand retail stores struggle getting merchandise off store shelves, and many of them are left with excess inventory. Additionally, retailers that go bankrupt, like Circuit City Stores (CCTYQ), Linens n' Things, and KB Toys, enter liquidation during which they are looking to get rid of their merchandise by any means necessary. During the recession, both of these occurrences were highly advantageous for Big Lots because it relies on finding sources of closeout merchandise from brand-name retailers to maintain its store inventory of discounted goods. Furthermore, as general retailers and bankrupt companies were eager to clear out excess merchandise, Big Lots was be able to purchase closeout merchandise at lower prices, reducing cost and increasing profit margins. [17]
However, as the economy emerges from the recession, Big Lots will not have the luxury of acquiring merchandise as it did during the recession. A strong economy means that retailers will have less trouble getting items off store shelves and fewer of them will go bankrupt. If Big Lots isn't able to provide its customers with quality items at low enough prices, the company's bottom line would be negatively impacted.
In a Strengthening Economy, can Big Lots Maintain Consumer Base of Recession?
Big Lots targets not only lower-class consumers but also the price-conscious middle-class segment of the retail market because it sells brand-name items, at heavily discounted prices, which preferred by middle-class consumers. The business model especially appeals to more middle-class consumers during tough economic times as consumers become more thrifty during but still want to maintain the quality of merchandise they purchase. In general, most discount retailers, have either done well or not been hurt too much during the economic struggle.[18][19] In 2009, Big Lots' comparable store sales and net sales increased by 0.7% and 1.8% respectively, showing that the company saw increased traffic.[2]
But as the economy strengthens in 2010, consumers are becoming less price conscious and are willing to spend more dollars in exchange for quality. Before the recession, 67% of consumers visited discount retailers. In 2009, at the peak of the recession, the number hit 75%. However, as the economy rebounds, early 2010 data shows that only 71.2% of consumers are visiting disount retailers.[20] With middle-class consumers leading this trend, Big Lots stands to lose many of the customers it gained during the recession. If this happens, its bottom line will suffer.
Merchandise Supply Affected by Exchange Rates
In 2009, Big Lots purchased 25% of its merchandise directly from foreign vendors (a 2% decline from 2008) with 19% from Chinese vendors alone.[21] A substantial portion of the merchandise Big Lots purchases domestically are also originally supplied by overseas vendors. As the value of the dollar fluctuates against foreign currencies, especially the Chinese yuan, Big Lots risks decreases in its profit margins, since the cost of acquiring merchandise from overseas vendors will increase if the dollar weakens relative to foreign currencies.[22]
Dependence on Business in Four States
Big Lots stores are concentrated heavily in California, Texas, Florida, and Ohio, with 36% of the company's stores (496 stores) located in these states. In 2009, sales from stores in the four states accounted for 38% of the company's total revenue.[3] The local economies of these states plays an important factor in the sales and risk of the company in two ways. The first is that if retail companies in these states build up inventory or become liquidated, Big Lots will have the power to substantially increase its merchandise and product diversity and attract more customers to its stores. The second is that if the local economies of these states are hit too hard by the recession, it causes consumers to cut back on discretionary spending and avoid Big Lots' stores despite the low prices.
Competition
Big Lots vs. Dollar Stores
Big Lots is a discount retailer that competes with other stores that have similar business models. Thus, Big Lots faces direct competition from dollar-store chains, such as Family Dollar Stores (FDO) and Dollar Tree Stores, that sell many products are very low prices.
Description of dollar store companies:
Family Dollar Stores (FDO): operates 6,598 stores in 44 states. Most of the merchandise the company sells ranges from less than a dollar to around $10 in price, with the majority under $1 per unit.[23]
Dollar Tree Stores (DLTR): operates 3,806 stores in 48 states. The company is the largest retailer offering a fixed price of $1 on all merchandise in its stores.[24]
Big Lots vs. Big-Box Sellers
As a discount retailer, Big Lots also faces significant competition from big-box sellers, such as Wal-Mart Stores (WMT) and Target (TGT), whose enormous scale allows each to extract value in their inventory purchases and pass these savings on to consumers. With an average square footage per store of 29,800 sq. ft., Big Lots stores are smaller than Wal-Mart's or Target's, but larger than comparable dollar discount retailers. In some sense, it is more nimble and less concentrated than big-box competitors, but does not necessarily enjoy the same economies of scale (though, as a large closeout discount retailer, it has some).
Description of big-box sellers:
Wal-Mart (WMT): is the world's third largest company[25] with 7,873 stores worldwide. Because of its mammoth size and buying power, Wal-Mart can buy its products at rock-bottom prices, exchanging high purchase volumes for low cost while passing the savings onto its customers.[26]
Target (TGT): operates 1,740 stores in 49 states. Target offers a range of general merchandise in a similar store format to Wal-Mart but targets a higher income demographic than that of Big Lots and Wal-Mart.[27]
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