the reject shop - overpriced or under valued?

High 15s currently, how do people see The Reject Shop? I like the business but am concerned that in order for them to keep up return on investment and other financial indicators that they will need to open new stores and they will need to keep there customer base in tact, Will Woolworths and Wesfarmers allow this to happen? What impact would say other discount retailers have on TRS? I dont know how this company will go in the future but I'd prefer to see this at lower levels, theres to many big players around that I'm sure would love to take there market share.