Discount retailer Ollie’s Bargain Outlet is moving into the former Toys ‘R’ Us building at 50 W. Honey Creek Parkway, with officials saying the new store will open in middle April 2020.
Ollie’s Bargain Outlet company offers a varied mix of everything from housewares, space heaters, speakers and cookbooks to summer furniture or toys. The company gets is inventory buying closeouts, overstocks and irregulars from manufacturers and retailers, which lends to the company’s trademark “Good Stuff Cheap.”
The same company plans to open another Indiana store in Mishawaka, also to be located in a former Toys ‘R’ Us building.
”We have 12 stores in Indiana, so those will be the 13th and 14th stores in Indiana,” said Jerry Altland, vice president of real estate for Ollie’s Bargain Outlet. The company plans to open its 15th store in the state in Seymour in 2020, Altland said.
”In Terre Haute, they will hire anywhere between 45 to 55 associates. That’s full and part-time” employees, Altland said. “We have been looking in the area for a number of years and its makes sense for us to be in Terre Haute because we are in Indiana now.”
Since 2018, Ollie’s Bargain Outlet has been targeting former Toys ‘R’ Us buildings for expansion of its stores, buying several former stores as well as leasing the former toy stores.
”We have been doing that for about two years. At auction, we assumed some leases of Toys ‘R’ Us and last year we did some more Toys ‘R’ Us boxes and it makes sense for us,” Altland said. Former Toys ‘R’ Us stores “are a little bigger than what we like, as the Terre Haute store has a little over 45,000 square feet, but that is okay, we have enough merchandise to fill the store.”
A construction design review with the Indiana Department of Homeland Security shows the Terre Haute building has 46,700 square feet with 4,026 square feet to be remodeled. The design review shows the design plan can accommodate 1,263 people from the public and 20 employees.
In its third quarter 2019 fiscal report, Ollie’s reported total net sales of $327 million, an increase of 15.3% compared with net sales of $283.6 million in the third quarter of fiscal 2018. The increase was largely driven by strong new store performance from the 42 stores opened in fiscal 2019, including 14 former Toys ‘R’ Us locations, according to the company’s fiscal report.
Gross profit increased 15.5% to $133.3 million in the third quarter of fiscal 2019 compared with $115.4 million in the third quarter of fiscal 2018, according to the company’s third quarter fiscal report.
The company reaffirmed its full-year guidance, in its third quarter report, to $1.430 billion, from $1.419 billion.
Earlier this month, the company announced that Mark Butler — the company’s founder, president and CEO — died Dec. 1, while spending Thanksgiving weekend with his family.
John Swygert replaced Butler as president and CEO. Swygert had been serving as executive vice president and chief operating officer since January 2018 and previously served as Ollie’s chief financial officer since 2004.
The company currently operates 345 stores in 25 states throughout the Eastern half of the United States.