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Fortune 500 Anchor Tenant Ross Enters Puerto Rico

Ross Stores, a fortune 500 American retailer, expanded into Puerto Rico by opening its first store in Centro, Guayama. This 33,500 square foot store is part of Ross' strategic expansion, which saw the company open 97 new locations in 2023, approaching its target of 100 stores. With this new store, Ross' total number of locations reached 2,112, including Ross Dress for Less and dd's DISCOUNTS across 43 states, the District of Columbia, and Guam. Further expansion within Puerto Rico includes plans for additional stores in Aguadilla Mall and two locations in Caguas, leveraging the island's post-disaster economic recovery and the incentives provided to businesses operating in this U.S. territory.


Ross Dress For Less storefront

ROSS Dress for Less ("Ross") enters the Puerto Rico market with its first store in Centro, Guayama. Ross will join the mall as an anchor store occupying 33,500 square feet (i.e., 3,112 square meters). The store will take the place of the old Sears box which has already vacated the mall.


Cesar Vázquez, President and CEO of REDPartners, Inc, says the timing of the entry makes sense given U.S. government payments to the island following Hurricane Maria.


“Ross Dress for Less entering Puerto Rico is a timely and promising venture. Puerto Rico’s economy has seen significant recovery thanks to robust support from the U.S. federal government after Hurricane Maria, recent earthquakes, and the pandemic. This aid has driven substantial infrastructure improvements and a booming tourism industry, setting the stage for retail success. Local customers are avid shoppers, making Puerto Rico a prime market for Ross. While the company may face challenges in labor, inventory management, and construction, the engaged customer base and improving infrastructure offer a strong foundation for their success."

Ross also has plans to expand this year in Puerto Rico to the west in the Aguadilla Mall. In Caguas, two shops are planned. One in Shop@Caguas (i.e., Las Catalinas Mall) and the other in Caguas Centro. Carolina and Fajardo are also being explored.

The expansion strategy is to occupy space left empty by departing Kmarts and Sears.


 

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Ross is a giant retailer in America and competes with Marshalls and T.J. Maxx in the affordable fast fashion category. It is one of the largest 500 companies in America with 2022 revenues of $18.7 billion. It is headquartered in Dublin, California and has 1,723 locations, in 41 states, the District of Columbia, and Guam. Puerto Rico can now be added to that list. Including its deeper discount brands, Ross' total store count reached 2,112 by the end of 2023


Its expansion plans in 2023 were to open 100 new stores, all in the United States, with the goal of reaching 2,900 Ross Dress for Less locations and 700 dd's DISCOUNTS stores. It managed to achieve 97 openings, including opening in new markets like New York and Minnesota. Other stores were opened to expand existing networks in California, Maryland, Tennessee, Texas, and more.


Ross demonstrates why some U.S. companies make their first international expansions into Puerto Rico. Since the island is a U.S. territory it operates under many of the same laws as the mainland United States. The currency of Puerto Rico is the U.S. dollar, and there are strong existing economic and cultural ties between the nations. Puerto Rico has done a good job incentivizing companies and individuals to move to the island to take advantage of the generous and unique tax advantages it can offer.

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