Ross Stores, Inc., often simply referred to as Ross, is a major player in the American discount retail industry. The company operates under the Ross Dress for Less and dd’s DISCOUNTS brands, offering customers a wide range of clothing, home goods, and more at budget-friendly prices.
This article provides a comprehensive profile of Ross Stores, exploring its history, founder, operational countries, number of stores, estimated revenue, what it’s known as by consumers, and its significant role in the world of discount retail.
History
The history of Ross Stores dates back to 1950 when Morris “Morrie” Ross opened the first Ross Department Store in San Bruno, California. Initially, the store sold everyday items at deeply discounted prices. It wasn’t until the 1980s that the company adopted its current off-price retail format, offering customers the chance to purchase quality clothing and home goods at significant discounts.
Ross has made a name for itself by offering a wide range of products from popular brands, often at prices well below those of traditional department stores. The company’s business model involves purchasing surplus merchandise from various sources, including manufacturers, department stores, and importers, and passing the savings on to the consumer.
Here is a summary of Ross Stores’ key milestones:
- 1950: Morris “Morrie” Ross founds Ross Department Store in San Bruno, California.
- 1958: Ross sells his store to William Isackson.
- 1982: Isackson converts six stores to the Ross Dress For Less off-price format.
- 1985: Ross Stores goes public with its IPO on the Nasdaq stock exchange.
- 1995: Ross Stores launches dd’s DISCOUNTS.
- 2014: Ross Stores moves its headquarters to Dublin, California.
- 2023: Ross Stores is the largest off-price retailer in the United States, with over 1,700 stores in 41 states, the District of Columbia, and Guam.
Founder
Morris Ross, the founder of Ross Stores, had a vision for a retail model that focused on providing high-quality goods at a fraction of the cost. His dedication to offering great value to customers laid the foundation for Ross Stores’ success. Although he is no longer with us, his legacy is carried forward through the company’s continued commitment to delivering affordable, quality products.
Operational Countries
Ross Stores primarily operates in the United States. The company’s stores can be found in most states, and it is especially concentrated in regions such as California and Texas. While its core presence is in the United States, it doesn’t have a significant international footprint.
Ross Stores, Inc. has operational stores in the following countries as of October 25, 2023:
- United States
- District of Columbia
- Guam
Number of Stores
As of October 25, 2023, Ross Stores, Inc. has 1,722 Ross Dress For Less stores and 339 dd’s DISCOUNTS stores in the United States, the District of Columbia, and Guam. This represents a total of 2,061 stores.
Ross Stores is the largest off-price retailer in the United States, and its store count is expected to continue to grow in the coming years. The company plans to open approximately 50 new stores per year.
Estimated Revenue
Ross Stores, Inc. estimated revenue for 2023 is $19.209 billion, according to the company’s most recent financial report. This represents a 3.77% increase from the company’s revenue in 2022.
Ross Stores’ revenue growth is being driven by a number of factors, including:
- Strong consumer spending in the United States, the company’s primary market.
- The company’s focus on omnichannel retail, which allows customers to shop online or in-store.
- Its success with its own brands, which now account for over 60% of sales.
- Its expansion into new markets, such as the Midwest and the East Coast.
Ross Stores is well-positioned to continue its growth trajectory in the coming years. The company has a strong brand, a loyal customer base, and a diversified business model. Ross Stores is also investing heavily in its digital business and its expansion into new markets.
Known as by Consumers
Consumers often refer to Ross Stores simply as “Ross.” The brand is known for providing quality goods at discount prices, and its name has become synonymous with affordable shopping. While it may not have many informal nicknames, “Ross” is a recognized and trusted name among budget-conscious shoppers.
Ross Stores, with its rich history of discount retailing, has established itself as a go-to destination for budget-conscious consumers seeking quality clothing and home goods at affordable prices. Founded by Morris Ross in California, the company’s legacy lives on through its extensive network of stores and its commitment to delivering value to its customers.
As a prominent player in the American discount retail industry, Ross Stores continues to offer affordable, high-quality products and set the standard for the off-price shopping experience.
