BOSCOV’s CEO has warned of the importance of the success of his brand new business.
Jim Boscov believes those who share a neighborhood with the brick-and-mortar store are familiar with his longstanding brand — and other stores are being cleared to make way for it.
Boscov department store announced the opening of its 50th retail store this year.
CEO Jim Boscov made the public statement in Bridgeport, West Virginia, the location of the new store.
“It’s exciting: our 50th store in a wonderful market, and it’s part of our plan to open one store a year,” Boscov said, according to the Delco Times.
“We’ve talked about it, researched it and visited it to make sure this is a good market for us because with 50 deals you can’t afford to go wrong.”
This prime West Virginia location adds a ninth state to the list of states with Boscov stores, the Delco Times explained.
Boscov predicts brand awareness in her new outlet’s hometown.
“One attractive thing is that maybe 50 percent of the people in this market have heard of Boscov’s and maybe 25 percent of them have shopped at a Boscov’s before.
“We’re not moving to a place where they don’t know who and what we are.”
Their big move takes place at Bridgeport’s Meadowbrook Mall, in a space that was formerly a Sears.
Boscov’s requires so much space for its retail operations that other stores in the mall are being moved to make room for the new department store.
Despite changes in the economic climate that have led to a spate of closures dubbed the retail apocalypse, those looking to build malls are still looking for retailers to fill spaces
The chain operates locations in the following states:
States with the department stores of Boscov
The following states have Boscovs:
- new York
- New Jersey
- Rhode Island
More than half of these stores are in Pennsylvania alone.
Previously, Boscov had a store in Youngstown, Ohio, which opened in October 2021.
No store opened the following year, but their initiative to open a store annually still stands.
The 2024 location has not yet been announced.
“We don’t want to hop across the country,” Boscov said of the future retail centers.
“And we have to find a place that’s big enough because we don’t have a small shop. So we are always looking.”
The chain is celebrating its 109th year of family ownership, and their centennial success is due in part to keeping the company private.
“If you’re a private family business, you work to ensure you keep the business healthy with the expectation of passing it on to the next generation.
“It also means making good decisions for the health of the business, which translates into things that are good for your customers.
“You work for your customers, you don’t work for the shareholders.”
Boscov suggests that other retail giants will do “dumb” deals on behalf of the exchange, not necessarily of their own accord.
“I think people are careful, and when people are careful they want to make sure their money goes as far as possible,” he said.
“And as long as we stay true to ourselves, I think we’ll continue to do well.”
https://www.the-sun.com/money/7447499/major-retail-department-store-opening-ceo-warns-mistake/ Major retailer announces reopening that will impact millions after CEO warned it ‘can’t afford to be wrong’