Catalog Retailer L.L. Bean to Triple Stores by 2020 | NECN
NECN Business

NECN Business

Catalog Retailer L.L. Bean to Triple Stores by 2020

    processing...

    NEWSLETTERS

    Catalog Retailer L.L. Bean to Triple Stores by 2020
    AP/File
    L.L Bean employee Randy Reynolds, of Freeport, Maine takes a photo of the L.L. Bean Bootmobile outside the headquarters of the outdoor retailer in Freeport, Maine. The company plans to triple the number of its retail stores over the next five years.

    Catalog retailer L.L. Bean is ready to make a bigger push into traditional brick and mortar stores.

    The company, which on Wednesday announced that annual sales grew 3 percent to $1.6 billion, intends to more than triple the number of retail stores over the next five years. President and CEO Chris McCormick says the retailer wants to have "at least 100" by 2020.

    It's an ambitious push for a company that currently has 26 full-price retail stores, along with a handful of outlet stores.

    The company says its performance last year was good enough to warrant a 5 percent bonus for Bean's 5,300 year-round employees. The company says that amounts to about $1,500 to $2,000 for the typical full-time hourly worker. 

    For up-to-the-minute news and weather, be sure to follow us on Twitter and like us on Facebook. Sign up for our new breaking news email alerts by clicking here and download our free apps here.