Belk

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Belk, Inc.
Type Private
Founded 1888 (Monroe, North Carolina, USA)
Headquarters Charlotte, North Carolina, USA
Industry Retail
Products Clothing, footwear, bedding, furniture, jewelry, beauty products, and housewares.
Slogan All For You!
Website www.belk.com & www.BelkandParisian.com

Belk is a department store chain founded in Monroe, North Carolina (in the Charlotte metropolitan area), and currently based in Charlotte, North Carolina, United States. Founded in 1888, is currently the largest privately held department store chain in the United States,[1] with its stores primarily located in the Southern United States. Its flagship locations are:

The latter two are former Parisian stores acquired by Belk in 2007 [1].

Contents

Founded in 1888 by William Henry Belk, the store was first called "New York Racket" and then "Belk Brothers," after William Belk made his brother, John, a partner.[2] The business grew steadily, relying on "bargain sales" and advertising to grow the business. Today, the chain is still family-owned and currently has more than 315 stores in 19 states, particularly in the Carolinas.[3] The southernmost Belk store is located in Fort Myers, Florida. In 2006, Belk generated US$2.97 billion in sales and employed 17,900 people.[2]

During the fourth quarter of 2005, Belk completed the sale of their private label credit card division, Belk National Bank, to GE MoneyBank. Consumers were issued new Belk credit cards replacing the old ones issued by BNB. All new Belk cards are now issued by GE Money Bank.[3]

On July 5, 2005, Belk completed the purchase of 47 Proffitt's and McRae's department stores from Saks Incorporated. Belk converted the 39 Proffitt's and McRae's stores to the Belk nameplate on March 8, 2006.[4]

Belk purchased 38 Parisian department stores from Saks Incorporated on October 2, 2006. Although most Parisian stores have been converted to the Belk namplate since September 12, 2007, several Parisian stores are slated to close or have been closed. Four stores in Indiana, Michigan, and Ohio, plus a store under construction in Michigan, were sold by Belk to The Bon-Ton Stores, Inc.

Belk additionally traded its newly-acquired Parisian location in Collierville, Tennessee, with Macy's, Inc. for a Macy's (former Hecht's) in Wilmington, North Carolina, during the second quarter of 2007.[5][6]

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Beginning in 1921 with the Leggett Bros. stores of Virginia, the Belk family formed various partnerships with other merchandisers in different markets. (This complex story is chronicled in a book[7] about the evolution of the company.) This unusual corporate ownership structure resulted in dual or hyphened names on many of their stores. In 1998, Belk bought out or merged away this partnership structure and formed Belk, Inc. from its 112 existing Belk companies, with certain well-established partnership names allowed to remain.[2] Some of the dual names used included:

* The Belk Leggett in Durham was changed to a Hudson Belk and has since closed.

  1. ^ Belk, Inc. - Company Profile
  2. ^ a b c Belk, Inc.
  3. ^ a b Belk Official Website
  4. ^ http://www.timesnews.net/article.dna?_StoryID=3608580
  5. ^ N.C. town lands Collierville's Parisian
  6. ^ Macy's store listing in metropolitan Memphis area (38103), accessed on May 17, 2007
  7. ^ Belk, Inc.-- The Company and the Family That Built It
  8. ^ http://stevenswain.blogspot.com/2006/08/fill-er-up-at-belk.html

v • d • e
Store Conversions to Belk
2007: Parisian    2006: Proffitt's | McRae's
Retrieved from "http://en.wikipedia.org/wiki/Belk"
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