Retail platform Leap on Monday (Aug. 30) said it will grow its store count by 300 percent this year, with plans to have 50 stores open by the end of 2021 and 250 by the end of 2022.
Leap Platform partners with brands to assist them in opening stores in “highly desirable locations with more efficiencies and less risk,” according to a press release. Goodlife, Faherty, Birdies, Mack Weldon, Naadam, Public Rec, Something Navy, UpWest, Pact, Vincero and Ashley Stewart are among the brands using Leap’s platform “to grow their retail footprint, increase omnichannel customer lifetime value and reduce customer acquisition costs.”
Leap has stores in New York City, Chicago, Los Angeles, San Francisco, Dallas, Austin, Scottsdale and southern Florida. The company has raised $15 million in capital to develop its technology and add more employees, brands and stores.
“Brands are looking to grow via fully immersive retail stores to build their brands and acquire customers without traditional risks, barriers to entry or liabilities,” said Amish Tolia, co-founder and co-CEO at Leap, in the company announcement.
“Our platform approach is the future of retail,” he continued. “Qualified brands are now able to scale their physical retail strategy without having to outlay significant upfront capital or dedicate internal resources to real estate, leases, store design, staffing or technology.”
The Leap Platform — built on millions of data points across its network of stores, locations and brands — uses proprietary algorithms and local market expertise.
Retailers have increasingly focused on making their physical locations an experience for consumers as the store becomes an extension of the digital platform rather than the other way around. According to PYMNTS data, 54 percent of even the most highly connected consumers said they recently purchased retail products in a physical store despite the fact that nearly everyone is shopping online.