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As the COVID pandemic continues to take its toll on the economy, another famous name has gone to the wall—Belk, the iconic Southern department store chain , is filing for Chapter 11 bankruptcy protection. As the nation's largest private department store, Belk currently operates across 16 states in stores, but now, its future is in question. For the full story of Belk's problems and what this means for the brand, read on.
It was originally called The New York Racket, but once Belk brought his brother into the business, they began trading under the family name. By , the Belk name was on stores across the South. Three generations of the Belk family had owned the department store chain until And for more retail news sent right to your inbox, sign up for our daily newsletter. Bought a tree that was…. From Business: Located in the charming village of Bird-in-Hand, Creative Rustic Furniture is Lancaster Countys newest destination for rustic furniture and farmhouse dcor.
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If you've ever gone shopping in the southern U. The retailer started as a small business in the late s and has grown into one of the most recognized department stores in the country with locations spread across 16 states per Belk.
If you've never shopped there, perhaps you're at least familiar with the brand from the Belk Bowl now known as the Duke's Mayo Bowl which was an annual match-up of two division champion college football teams. Or maybe you recall Belk's sponsorship of season 12 of Project Runway , where the retailer contributed shoes and accessories to the fashion competition show.
Fans of Belk love the shoes, cosmetics, home goods, and of course, the clothes that line the shelves. Sex and the City star Kristin Davis even had a line featured at Belk for a short time. After so many years in the retail business, Belk surely has a story to tell. We did a deep-dive into the evolution of this southern gem and are here to share the untold truth of Belk.
Belk wasn't always the massive department store we know it as today. Oh, and did we mention he was only 26 years old at the time? At that young age, not only was William Henry Belk savvy about cash, but he also had a clever marketing strategy. Belk called his first store "New York Racket" shown above because he thought that name would imply something big and interesting and he adopted the slogan "Cheap Goods Sell Themselves. With that kind of capital in hand, Belk was ready to expand.
William Belk stuck to some core strategies in his business: he bought bulk goods "for cash" and sold them "at a low mark-up" with no negotiating allowed. And he had a simple return policy permitting customers to return any item if they weren't "completely satisfied.
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