Ross just announced plans to build a massive 330 acre $450 million national distribution hub in North Carolina. The company will invest in the City of Randleman, located about an hour northeast of Charlotte, creating 852 jobs.
Ross Stores, a $20 billion Fortune 500 company, operates two off-price chains, including Ross and dd’s Discounts. The company will build its ninth distribution center in a 1.7 million-square-foot facility on 330 acres. This facility will support warehousing, fulfillment, and packing operations.
“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 Ross VP Rob Kummerer in a press release. “We value the collaboration of the many state and local leaders who have been instrumental in bringing these plans to fruition.”
The project in North Carolina will benefit from a Job Development Investment Grant (JDIG) awarded to Ross Dress for Less, Inc. The state’s Economic Investment Committee approved the grant earlier today. Over the 12-year term of the grant, the project is estimated to grow the state’s economy by $1.4 billion.
The JDIG agreement authorizes the potential reimbursement to Ross Stores of up to $7,611,300 over 12 years. State payments will occur only after performance verification by the departments of Commerce and Revenue, ensuring the company meets its job creation and investment targets.
The project’s return on investment for public dollars is 61 percent. This means for every dollar of potential cost to the state, $1.61 in state revenue is generated. JDIG projects result in positive net tax revenue to the state treasury, even after considering the grant’s reimbursement payments to the company.
