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Shelly Banjo

Are We Wrong About Brick-and-Mortar Retail?

The home-improvement retailer's IPO may not be a win for new investors.

Behold the rare retailing IPO: Private-equity-backed home-improvement retailer Floor & Decor Holdings Inc. is expected to go public this week.

It touts double-digit sales gains and a growth strategy centered around building hundreds of big-box, brick-and-mortar stores across the U.S. At a time when other retailers have halted openings or are shuttering stores to keep up with a shift to online sales, the IPO almost seems plucked from a different era.