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Crittenden Retail Spacetm Crittenden Research, Inc Crittenden Retail SpaceTM Crittenden Research, Inc. P.O. Box 1150 Novato, CA 94948 (800) 421-3483 Vol. 26, No. 12 June 18, 2012 all (800) 421-3483. MONEY-MAKING MATTRESS CHAINS GROW NATIONWIDE Ashley Furniture Industries will join the mattress game this year with its first 50 Zzz’s By Ashley locations. Levin Furniture also enters the bedding niche with another 20 Levin Mattress locations during the next two to three years. The new target is twice the original goal of eight to 10 more mattress stores. This niche is often favored by landlords and property managers because of the wide variety of second- generation spaces they will take along with their willingness to relocate stores and adjust their property types to fit most locations. Ben Thorud, the man in charge of Zzz’s rollout, sees the potential for several thousand mattress stores over the next decade — excessively optimistic, perhaps, but his statement illustrates the company’s willingness to be aggressive. The company also has more than 400 Ashley HomeStores locations and last year’s total sales of $3 billion bode well for the future of both chains. The Zzz’s aggressive rollout pace means the chain will quickly cozy up next to Mattress Firm and Sleep Number by Select Comfort, the two largest mattress chains. The fragmented nature of the mattress market — no one chain has more than a 10 percent share of the industry’s sales — also ensures regional chains such as Sleepy’s, and Mattress Warehouse on the East Coast, and Sleep Train and Relax The Back on the West Coast, will all keep their respective real estate departments humming. Zzz’s stores average 4,500 s.f. each. The mattress division will eventually build its store base through a combination of company-operated stores and licensed locations, similar to the set up which has worked for the HomeStores. Look for Zzz’s mattress products to eventually work their way into the Ashley furniture stores. Levin Mattress will open its fifth store overall later this month in Monroeville, Pa. Three stores also opened last month, two in the Pittsburgh area and one in Cleveland. The mattress stores average 4,500 s.f. and open in the same Pittsburgh and northeastern Ohio markets already served by the furniture-only stores, providing a support system for the still relatively new concept, which debuted last September. Levin Furniture overall is coming off sales of $175 million last year, a 17 percent increase over the previous year. Mattress Leader Eyes Century Mark Mattress Firm sees the potential to reach 2,500 stores nationwide in four to five years, more than double its current 935 stores. The mattress leader will finish this year with 100 new stores, which would give it two consecutive years of more than 100 new stores. The chain opened 106 last year. Mattress Firm is evaluating sales from its eight mall stores, which are now in the test stage. Most stores are now on pads or open as part of a shopping center. The company projects comps of a positive 10 to 12 percent by year-end and total sales of $1.03 billion to $1.06 billion. Mattress Firm recorded positive comps of 16.1 percent in the first quarter, its 11th consecutive quarter of positive comps. The chain also expects the 180 former Mattress Giant stores, acquired on May 2, to pull in total sales of $90 million to $95 million by year-end. The new owners expect the acquired stores to reach Mattress Firm’s system average of $1.1 million in two years. Mattress Firm will eventually close 25 to 35 of the acquired stores over the next few years as leases come due. The mattress stores can open in 4,500 or 6,100 s.f. Sleep Number will add 50 off-mall stores this year, even though most of its 380 stores are in malls. The chain wants to reach 500 stores and $3 million in sales by 2015. Several of the off-mall stores will open as part of negotiations of lease renewals, in search of more visible locations. The off-mall stores open in 2,400 to 2,500 s.f., while mall stores require 1,600 to 1,700 s,f. Look for a net gain of 19 to 29 stores this year and for the immediate future. Parent company Select Comfort Corp. posted record comps of positive 34 percent for the first quarter and expects to finish this year with comps of at least 15 percent. The Sleep Number stores have slightly higher average store sales than Mattress Firm, reaching $1.9 million. Continued on Next Page Quotation not permitted. Material may not be reproduced in whole or in part in any form whatsoever. Copyright © 2012 Crittenden Research Inc. For use by original recipient only. It is illegal to forward or otherwise distribute without permission. To report violations c Page 2 Crittenden’s Retail Space™ MONEY-MAKING MATTRESS CHAINS GROW NATIONWIDE… Continued from Previous Page Sleepy’s has opened 85 stores so far this year, putting it on track to reach its goal of 100 new stores for the year. The Hicksville, N.Y.-based chain, with most of its stores on the East Coast, will continue its push into the South over the next year with market debut stores in Charlotte and Greensboro, N.C. The mattress chain will also add to its five stores in the Raleigh, N.C., market. Sleepy’s is also back in Albany, N.Y., for more stores. One of the 2012 openings will be in Clifton Park, N.Y. The store will take half of a 15,000 all (800) 421-3483. s.f. space, formerly occupied by Borders. The rest of the space is being subdivided into two spaces of 3,500 and 4,700 s.f. Sleepy’s also opened another store in Clifton Park this spring, converting a 4,500 s.f. space formerly occupied by Orthodontic Centers of America. The company also re-opened in a former Nash’s Sporting Goods store in Columbia Heights, Md., earlier this year. Sleepy’s stores can open in 4,000 to 7,000 s.f. Mattress Warehouse, an East Coast rival of Sleepy’s, needs to open eight more locations to finish the year with 15 new stores. The mattress stores will convert former Blockbuster and Movie Gallery locations after receiving a vanilla shell from the landlord. Mattress Warehouse competes with Sleepy’s for 4,500 to 7,000 s.f. spaces in Pennsylvania, Virginia, West Virginia and the Washington, D.C./Baltimore area. The mattress chain will also open in Greensboro and Wake Forest, N.C., this year, two markets where Sleepy's has just a few locations. The mattress stores can open on end caps or in the middle of shopping centers. Leases run 10 years on the primary term, with options totaling another 15 years. Mattress Warehouse operates 160 locations. On the West Coast, most of Sleep Train’s real estate activity this year will consist of relocations. The 256-store chain has leases for a total of 65 locations coming up for renewal or kickout options. The Mattress Discounters West division will account for 10 to 15 of the 30 new stores planned for this year. Mattress Discounters West will open in Portland and Seattle. Sleep Train will also open six stores in its existing markets. One of the 2012 openings will be the first-ever mall store, which will open at the end of this month in the Roseville Galleria in Roseville, Calif. The mall store will be a test and will open in 1,800 s.f., much smaller than the traditional 5,000 s.f., used on pads, power centers or on end caps in shopping centers. Sleep Train and Sleep Train Depot account for 102 of the total locations. Relax The Back will equal last year’s new store pace with five openings in 2012. Familiar markets in Arizona, Florida and Texas are all potential states for new stores. Relax The Back stores open in 2,200 to 2,800 s.f., whether in new or second-gen spaces. The stores sell ergonomic work station items such as keyboards and chairs as well as mattresses and other office furniture. There are a total of 100 locations. REGIONAL RIVALS PRESSURE NATIONAL GROCERS National limited assortment grocery chains will face regional challenges from Amelia’s Grocery Outlet and Valu Land, both of which will break out of their respective single-state coverage areas in two years. Amelia’s, which now has the backing of discount grocer Grocery Outlet, will penetrate Delaware, Maryland and New Jersey in 2014 while Valu Land will venture outside of Michigan for the first time. Ohio-based Marc’s Deep Discount also looks to grow. All three will face staunch competition from national powerhouses ALDI, Save-A-Lot, Fresh & Easy Neighborhood Market and Trader Joe’s, which dominate the limited assortment grocery niche and promise to keep the pedal to the metal in a bid to further shore up market share. Amelia’s will start out with four new locations this year before doubling that pace with eight more in 2013, all in its home state of Pennsylvania. Grocery Outlet, which acquired Amelia’s in January, is confident it can eventually expand its 14 stores to 110 by entering other East Coast states, in addition to Delaware, Maryland and New Jersey. The new parent company will keep Amelia’s headquarters and distribution center in place to support further East Coast growth for the chain.
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