Orchard Supply Hardware signs lease to bring smaller-format urban-style store to Los Angeles, emphasizing products for small-space settings; company believes urban stores represent significant growth opportunity
SAN JOSE, California
December 21, 2012
– Home and garden retailer Orchard Supply Hardware today announced it has signed a new lease to bring its neighborhood hardware and garden supply format to 415 S. La Brea in Los Angeles, Calif. In conjunction with the new opening, Orchard will close its existing Hollywood location at 5525 Sunset Boulevard by early 2013.
Commenting on the new store location, Mark Baker, President and Chief Executive Officer, stated, “We are thrilled about the new store, which is ideally located in a thriving residential/urban setting. The La Brea area is undergoing a significant revitalization effort and is transforming into an increasingly pedestrian-friendly street. New residential and commercial construction is underway, including a number of mixed-use complexes featuring apartments, ground-floor retail and pedestrian space. We’re excited to bring our neighborhood store format to those who live and work in the Mid-Wilshire area of Los Angeles, while continuing to serve Orchard’s existing Hollywood store customers in a significantly enhanced shopping environment.”
New development in the area is expected to create an influx of apartment and condominium dwellers, who commonly have a unique set of home improvement and do-it-yourself needs that Orchard stores in urban areas are designed to serve.
The La Brea store will encompass approximately 30,080 square feet of indoor selling space and approximately 3,800 square feet of outdoor nursery and garden space, designed in Orchard’s new neighborhood store format. The building will also provide roof top parking for customer convenience. Orchard expects construction to begin in spring of 2013.
The urban locations that Orchard currently operates in high-density areas of Los Angeles and the Bay Area have a slightly smaller footprint than the average Orchard store and carry merchandise assortments specifically tailored to the local demographic. The stores have a greater emphasis on container and small garden planting, paint, repair and home maintenance, as well as patio and BBQ assortments suited for small space settings. With up to five times the population density of most Orchard stores, urban locations represent a significant opportunity for the Company. Orchard is in the early planning stages for an urban store in San Francisco that is expected to open in fiscal 2013.
Orchard's new-format stores are bright, easy to navigate and feature a unique navigational sign program which helps customers find items quickly. In addition, Orchard's stores offer an expanded and centralized customer-service area referred to as the "Workbench," where customers may get assistance with basic hardware needs such as tool and knife sharpening; rescreening; lock rekeying; pipe threading; and pipe, conduit, chain, cable or rope cutting.
Orchard Supply Hardware Stores Corporation operates neighborhood hardware and garden stores focused on paint, repair and the backyard. The Company was founded as a purchasing cooperative in San Jose in 1931. Today the stores average 44,000 square feet of enclosed retail space and 8,000 square feet of exterior nursery and garden space. As of October 27, 2012, the Company had 89 stores in California. For more information, visit http://osh.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This press release (including information incorporated or deemed incorporated by reference herein) contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those involving future events and future results that are based on current expectations, estimates, forecasts, and projections as well as the current beliefs and assumptions of the Company’s management. Words such as “guidance”, “outlook”, “believes”, “expects”, “appears”, “may”, “will”, “should”, “intend”, “target”, “projects”, “estimates”, “plans”, “forecast”, “is likely to”, “anticipates”, or the negative thereof or comparable terminology, are intended to identify such forward looking statements. Any statement that is not a historical fact and other estimates, projections, future trends and the outcome of events that have not yet occurred referenced in this press release, is a forward-looking statement. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict. Therefore actual results may differ materially and adversely from those expressed in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, factors discussed under the section entitled “Risk Factors” in the Company’s reports filed with the Securities and Exchange Commission. Many of such factors relate to events and circumstances that are beyond the Company’s control. You should not place undue reliance on forward-looking statements. The Company does not assume any obligation to update the information contained in this press release.
© 2021 Business Wire, Inc., All rights reserved.