UK-based sports and outdoor retailer JD Sports Fashion has revealed plans to spend £500m ($606m) to £600m ($727m) a year to expand its operations over the next five years.

The company published its growth strategy as part of its Capital Markets Event on 2 February.

JD Sports plans to focus 50% to 60% of its planned expenditure over the next five years on store expansion.

The retailer will open 250 to 350 stores each year in key regions, particularly North America and Europe.

In addition, JD Sports aims to deliver double-digit revenue growth and market share in key regions during this period, as well as achieve a double-digit operating margin.

The brand’s growth strategy focuses on four main strategic pillars, namely ‘JD Brand First’, ‘Complementary Concepts’, ‘Beyond Physical Retail’ and ‘People, Partners and Communities’.

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JD CEO Régis Schultz said: “Today marks a new, distinct chapter in the growth story of JD as we set our plans to become the leading global sports-fashion powerhouse.

“Building on our strong existing position and attractive long-term market dynamics, we see significant growth opportunities ahead by expanding JD internationally, notably in North America and Europe.

“We will also be enhancing our omnichannel retail offering, investing in technology and analytics, and leveraging our long-term strategic brand partnerships, to better serve more customers.

“Our track record of disciplined investment and strong retail execution means that JD is extremely well positioned to capitalise on its material headroom for growth globally and continue delivering value for shareholders.”

JD Sports was recently the target of a cybersecurity incident that affected around ten million of its customers.

The hackers reportedly accessed a system that stored customer data relating to online orders between November 2018 and October 2020.

In December, JD Sports sold 15 of its non-core fashion businesses in the UK to Frasers Group for up to £47.5m in cash.