Boscov's Department Stores said this week that it has named Jim Boscov its new vice chairman. He has worked at Boscov's since 1975.
Given what they've been through during the last 12 months, most dealers are more than ready to ring out the old year and bring in the new. Our roundtable of regional dealers recently shared some of the strategies they used to survive 2009 and what their business plans entail for 2010. Most are cautiously optimistic…
Diana Ross wasn’t the only star at Monster Cables’ annual Retail Awards ceremony at this year’s CES. Dozens of the industry’s top retailers also shared the spotlight as Head Monster Noel Lee honored them for exceptional sales of Monster products during these difficult times.
Boscov’s Department Stores, which sell a wide range of furniture, announced last week that 10 of its 49 stores are being shut down as part of the company’s restructuring plan. The Reading, Pa.-based chain is closing five stores in Pennsylvania, three in Maryland and one each in New Jersey and Virginia. A joint venture led by Gordon Brothers Group and Hilco Merchant Resources is handling the closing sales. Boscov’s, the nation’s largest family-owned department store chain, filed for Chapter 11 bankruptcy reorganization in early August.
The East Coast department store chain Boscov’s this week filed for Chapter 11 bankruptcy, and also announced the closing of 10 of its 49 stores. According to the Wall Street Journal, the bankruptcy and those of other regional retailers like Mervyn’s can largely be attributed to the economic slowdown, as well as stiff competition from larger, national chains buoyed by recent industry consolidation. Boscov’s was named #77 in Dealerscope’s ranking of the Top 101 CE Retailers last year.
Last year proved tough for a handful CE retailers, with Harvey, Tweeter, CompUSA and Circuit City hit hard. Meanwhile, the big nationals kept getting bigger, with the top-10 retailers in this year’s Dealerscope 101 survey of the country’s largest CE retailers grabbing more than $137 billion in sales - a 6.5 percent increase over last year - out of a total of $199 billion in sales for the full group. Make sure to check out this month’s issue for the full report. Regional and independent retailers also held their own, with many posting better gains than the average or individual sales of the
Despite recent price cuts on televisions and the housing market’s impact on appliance sales, NATM Buying Corp. directors and members said they are weathering the storm and will continue to beat back larger competitors by taking costs of their business, partnering with the right vendors, adding higher-end products and improving their sales forecasts. Even when the numbers are down, NATM members are performing better in some areas compared to the overall industry, said Bill Trawick, president and executive director of the group. He noted that unit sales of appliances in September were down about four percent for the group, while revenue was down about
A throwback flourishing in the present By Joe Paone In a simpler retailing time, back in the late 1960s through the 1980s, shoppers looked to the various mall and downtown department store anchors for clothing, electronics, appliances, toys, furniture, luggage, sporting goods—you name it, they had it. In the time since, discounters like Wal-Mart and Target, as well as national big-box chains catering to one market, such as Best Buy and Circuit City in the electronics space, have rendered many of the old regional department store chains extinct. In southeastern Pennsylvania alone, names like Bamberger's, Wanamaker's, Gimbel's and Pomeroy's have long since disappeared from the full-service department
Joining other members that include Boscov's and BrandsMart USA, Electronic Express announced its membership into NATM Buying Corporation. Founded in 1970, NATM is a national buying group representing 11 independent regional retailers in the appliance/electronics industry. It coordinates the buying and merchandising strategies for its members, and provides a forum for idea exchange. Over the years, NATM has developed strong partnerships with its suppliers, like Amana, Compaq, JVC, Sharp, Lenmar, Maytag, Toshiba, Samsung, Sony, Panasonic, Haier, HP, Pioneer and others. For Electronics Express, the membership marks a step toward expansion. The Nashville-based company operates 15 consumer electronics stores in the middle-Tennessee area. Established