In the spring of 2020, 30 Peebles stores in Virginia will convert to Gordmans, an off-price retail chain that claims to offer merchandise for the entire family at the lowest possible prices compared to department stores
Tappahannock, Kilmarnock and King George stores will be among the locations making the switch.
Gordmans is “a scarcity-driven treasure hunt experience,” according to Stage Stores, the parent company of Gordmans and Peebles. Fresh, new merchandise deliveries arrive weekly. “There will always be something new to discover when it comes to popular name brand apparel, home decor, footwear, gifts, accessories, fragrances and more,” explained Blakely Graham, manager of brand publicity.
Stage believes that those frequent inventory changes create a sense of urgency and drive traffic into Gordmans stores.
Whereas the average customer at Peebles is a 56-year-old female with a $47,000 income, according to Stage’s data, Gordmans tends to attract females around age 41 with a median income of $57,000. But although Gordmans shoppers tend to be wealthier, the brand aims to attract people who are interested in value shopping, thus it’s emphasis on low prices.
Stage acquired Gordmans in 2017 and began converting stores the following year. As of late August, there were 141 Gordmans stores. Although many of those locations are just approaching their one-year anniversary, Gordmans already accounts for nearly 25 percent of Stage’s total sales, management emphasized during the most recent earnings conference call.
Stage operates six retail brands, including Bealls, Goody’s, Palais Royal, Peebles, and Stage specialty stores, but the “outstanding initial results” its seeing from Gordmans is what’s prompting the company to “accelerate its strategic pivot to off price” by continuing to convert stores.
This time next year, Stage Stores expects to have over 400 Gordmans stores that account for 60% of its total sales.
For the article, pick up the latest Northern Neck News 9/4/19
Many Peebles stores in Virginia have already begun converting into Gordmans.