Specialty retailer Cabela's Incorporated (CAB - Analyst Report) plans to open a 97,500 square-foot store in Fort Mill, South Carolina. This would be the company’s second outlet in the state.
The store will be situated at Interstate 77, right across the Carowinds amusement park on the Plaza Fiesta Mall site. Cabela’s is likely to commence construction of the store in 2014 and expects it to be fully operational by spring 2015. The company’s first store in the state is located in Greenville and slated to open in spring 2014.
The Fort Mill outlet will generate nearly 225 full-time, part-time and temporary job opportunities.
The move reflects the company’s strategic initiative to expand in regions that have considerable growth potential. Moreover, the company seeks to expand its store base to effectively penetrate into its target markets and generate healthy sales.
Recently, Cabela’s announced plans to open a 50,000 square foot store in Moncton, New Brunswick, Canada in 2015 and a Cabela’s Outpost store in Bowling Green, KY. in the fall of 2014.
In the third quarter of 2013, Cabela’s opened 4 next-generation stores in Ashwaubenon, Wis.; Thornton, Colo.; Lone Tree, Colo.; and Regina, Saskatchewan in Canada. Further, the company had announced plans to open 1 outlet at Nanaimo in British Columbia, Canada in late 2014 and 2 next-generation stores at Garner, N.C. and Sun Prairie, Wis. in 2015.
At its last earnings call the company had also hinted that during 2014, the company plans to open 1 outpost store in the first quarter; 4 domestic next-generation stores, 2 outpost stores and 1 next-generation store in Canada in the second quarter; and 4 domestic next-generation stores and 2 next-generation stores in Canada in the third quarter.
Currently, Cabela’s carries a Zacks Rank #3 (Hold). However, some better-ranked retail stocks include Barnes & Noble, Inc. , Tractor Supply Company (TSCO - Analyst Report) and Marinemax Inc. (HZO - Snapshot Report). All these have a Zacks Rank #2 (Buy).