If it seems as though there are a lot of Mattress Firm outlets in Boise, that’s because there are. Thirteen Mattress Firm stores have set up shop in the city, according to a company spokeswoman.
The publicly traded Houston mattress company has been busy acquiring other mattress companies in the last year. In the financial results for its first fiscal quarter, ended May 5, the company reported that net sales for that quarter increased 68 percent, reflecting growth in its own stores and incremental sales from new and acquired stores.
Among the many chains all over the country that Mattress Firm acquired last year was Sleep Train, a chain with 314 stores in California, Oregon, Washington, Nevada, Idaho and Hawaii. The price was $425 million. Through the acquisition, in October, Mattress Firm acquired four Sleep Country stores and one Got Sleep? store in Boise, said Kelsey Martens, who works for the PR company Jackson|Spalding.
Meanwhile, Mattress Firm had already established its own six stores in Boise in similar locations. Unwilling to sever multi-year leases already in place for the Sleep Train stores, Mattress Firm rebranded all but one of the newly acquired stores with its own marketing materials, and now its stores compete for customers in close proximity. The company’s two Garden City stores stand within view of each other at the intersection of State and Glenwood streets. Two others share a short stretch of Milwaukee Street in Boise.
Got Sleep? is still operating under the same name, but it belongs to Mattress Firm.
Mattress Firm has also opened two more Mattress Firm stores in Boise since the acquisition, Marten said. Asked if Mattress Firm intended to continue operating its stores within view of each other, Martens said the setup appears to be working. The company has more than 2,000 stores and an estimated $2 billion in annual sales.
“When Mattress Firm has the optimal number of stores in a market, we see increased traffic, higher customer conversion and greater profits, among other benefits,” she said. “An increase in net sales and comparable store sales growth reaffirms the validity of our approach.”