Wayfair to open first brick-and-mortar store
Wayfair, an online furniture outlet, announced on Tuesday that it will open its first brick-and-mortar store later this year.
Joining a growing number of internet retailers that are choosing to establish physical locations, Wayfair will open its first store in Massachusetts in early fall.
“With the opening of our new retail store, we are offering our customers a new way to enjoy Wayfair’s exceptional shopping experience as we continue to transform the way people shop for their homes,” Niraj Shah, CEO and co-founder of the company, said in a statement.
The e-commerce store will also open four pop-up shops later this summer, according to a news release, offering an “immersive experience” for consumers.
Wayfair generated $6.8 billion in net revenue for 2018. Its stock skyrocketed nearly 140 percent over the course of the year.
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Despite a seemingly bad year for brick-and-mortar retail -- more than 4,800 store closures have already been announced this year -- there have been more than 2,250 store opening announcements since the start of the year, according to Coresight Research.