spot_img
Saturday, June 15, 2024

Ross Stores to add 850 jobs with $450 million Randolph expansion

Retailer Ross Stores, the largest U.S. off-price apparel and home fashion chain, said Tuesday it will spend $450 million to build a Southeast region distribution center in Randleman expected to create 852 jobs in Randolph County.

The company will build its ninth distribution center in a 1.7 million square-foot facility on 330 acres for warehousing, fulfillment and packing operations. Ross Stores has $20 billion in annual revenue and is based in Dublin, California.

Ross has 51 stores in North Carolina, more than all but six other states. Virginia has 39 stores. Overall, the company has 1,764 locations in 43 states, the District of Columbia and Guam.

The company has grown by offering name-brand apparel, accessories and home fashions at 20% to 60% off department and specialty store prices.

“We are excited about the opportunity to build out a new distribution facility in North Carolina to support our growth initiatives over the long term,” said Supply Chain Executive Vice President Rob Kummerer in a statement.

First-quarter sales were $4.9 billion, up 8%, and earnings were $488 million, up 31%.

The new jobs in Randolph County could create a potential payroll impact of more than $39 million annually.

Ross’ project will be facilitated, in part, by a $7.6 million Job Development Investment Grant approved by the state’s Economic Investment Committee Tuesday. It is spread over 12 years and hinges on meeting new job and investment targets verified by state officials.

The project’s projected return on investment of public dollars is 61%, meaning for every dollar of potential cost, the state receives $1.61 in state revenue, according to an N.C. Department of Commerce release.

Ross’ grant agreement could also move as much as $845,700 into a fund that helps rural communities across the state attract business in the future.

Randolph is classified as a Tier 2 county in the state’s classification system, with Tier 1 areas deemed having the strongest economies and Tier 1 counties being more economically challenged. Randleman is 20 miles south of Greensboro.

Chris Roush
Chris Roush
Chris Roush is executive editor of Business North Carolina. He can be reached at croush@businessnc.com.

Related Articles

TRENDING NOW

Newsletters