After Reporting a Strong Fiscal Year, L.L. Bean Is Focused on Opening Stores and Key Retailers
After closing its 2022 fiscal year in March with net revenue of $1.8 billion — the company’s second-strongest revenue performance in history — L.L.Bean is focused on its omnichannel growth strategy.
This effort, L.L. Bean said in a statement, will have its products in more than 70 new storefronts, in addition to e-commerce platforms.
“Our omnichannel growth strategy continues to be an effective framework for our business, ensuring we’re able to meet customers where they are through a unique mix of channels and locations,” L.L.Bean president and CEO Stephen Smith said in a statement. “We’re grateful to be in a position to expand our retail presence and build new wholesale relationships in order to serve more customers. Everything we do is in support of our company purpose to enable people to experience the restorative power of being outside, and these new ventures will ensure we’re able to fulfill that purpose for years to come.”
L.L. Bean announced in a statement that it is set to debut four stores in North America, including two in Canada and two in the U.S. The Canada doors will be in Quebec, located in the greater Montreal region — Saint-Bruno-de-Montarville opening Aug. 25 and Boisbriand opening Sept. 29. These mark the brand’s first retail stores in Quebec. What’s more, L.L. Bean confirmed it will launch a French-language e-commerce site to coincide with the store openings.
L.L. Bran’s stores in the U.S. will both be located in Massachusetts. Hanover will debut first, opening Sept. 8, followed by Peabody on Oct. 6.
At the moment, L.L. Bean has 56 stores in the U.S, another 25 stores in Japan and has 13 licensed retail store locations in Canada that are operated by Jaytex Group.
Aside from brick-and-mortar expansion, L.L. Bean confirmed it will add two key wholesale accounts to its U.S. roster: Dillard’s and Moosejaw. Also, the company will add 10 independent specialty retailers in the southeastern U.S.
“As a 110-year-old company, we have taken great care in ensuring we deliver exemplary customer service to everyone who visits an L.L. Bean store, shops with us online, orders through our famed catalog, or via any other touchpoint,” L.L. Bean chief retail officer Greg Elder said in a statement. “We are honored to be in a period of growth as a company, and that is a credit to our customers, employees and partners. We look forward to continuing to deliver industry-leading customer service and offer everyone who shops with us the goods they need for life, home, and any adventure that awaits.”