Belk, Inc. is a mid-vary to upscale division retailer chain based in 1888 by William Henry Belk in Monroe, North Carolina. It’s the nation’s largest household owned and operated division retailer firm and has 306 areas in sixteen states. The corporate is within the third technology of Belk household management. Belk shops and Belk.com supply nationwide manufacturers and personal label trend attire, sneakers, equipment, cosmetics, a marriage registry and residential furnishings. Belk competes with departments shops JCPenney, Kohl’s and Sears. Its flagship areas are bigger and promote greater finish, extra specialty manufacturers of merchandise and compete with larger finish retailers, resembling Dillard’s, Macy’s and Von Maur.
Belk was based in 1888 by William Henry Belk in Monroe, North Carolina, a Charlotte suburb. The shop was first referred to as “New York Racket” after which “Belk Brothers,” after Belk made his brother, doctor Dr. John Belk, his companion.
By 1909, the corporate had moved its headquarters to Charlotte and constructed an enormous flagship retailer on Commerce and Tryon Streets in downtown Charlotte.
The enterprise grew steadily, counting on “cut price gross sales” and promoting to develop the enterprise and enhance its affect all through the South.
Right this moment, the chain remains to be household-operated (although it’s publicly traded on the OTCBB market having each Class A and Class B widespread inventory shares, in accordance with a 2011 SEC proxy submitting over ninety p.c of the Class A inventory is held by Belk household pursuits) and at the moment has 306 shops in 19 states, notably within the Carolinas, together with the Atlanta and Birmingham metro areas. The Atlanta space now has the most important focus of Belk shops in any of its markets. The westernmost Belk retailer is situated in Kerrville, Texas; whereas the northernmost Belk is situated in Westminster, Maryland and the southernmost Belk retailer is in Fort Myers, Florida. In 2006, Belk generated US$2.ninety seven billion in gross sales and employed 17,900 folks.
Starting in 1921 with the Leggett Bros. shops of South Boston, Virginia, the Belk household fashioned numerous partnerships with different merchandisers in several markets. (This complicated story is chronicled in a ebook in regards to the evolution of the corporate.)
This uncommon company possession construction resulted in twin or hyphened names on lots of their shops (and resulted in over 300 separate authorized entities, every retailer having differing possession pursuits), which within the Nineteen Nineties threatened the corporate’s very existence, as a mixture of Belk household squabbles (one aspect wanting to maintain the construction, whereas the opposite facet noticed it to be a hindrance within the trendy retail period) and a wave of retail business consolidation resulted in a number of partnerships (the place Belk didn’t maintain controlling curiosity) promoting their pursuits to opponents (for instance, the heirs of John G. Parks, majority house owners of the Parks-Belk chain, bought their pursuits to Proffitt’s; the Belks would shortly observe go well with, although Belk would later buy the Proffitt’s chain).
Finally John and Tom Belk would acquire management of the corporate, simply in time to salvage the corporate when the Belk-Leggett partnership was threatened (the chain comprising about 20 % of the general firm’s income; the Leggetts themselves had been concerned in their very own household squabbles, and as soon as once more competitor Proffitt’s had made a suggestion). The brothers took motion by forming a brand new firm in 1996 to buy the Leggett pursuits.
In 1998, the corporate fashioned a brand new entity (Belk, Inc.) from its 112 current Belk firms, and over time eradicated the twin-naming conference in favor of the Belk title (nevertheless, sure properly-established partnership names, reminiscent of Hudson Belk within the Triangle area of North Carolina, remained in place till Belk’s emblem change within the fall of 2010).