Belk is a department store chain founded in 1888 in Monroe, North Carolina, today part of the Charlotte metropolitan area. After the founding of the first Belk store, the company grew in size and influence throughout the South via the chain in the USA,[1] with its stores primarily located in the Southern USA.
The chain has four flagship locations:
SouthPark Mall, in Charlotte, North Carolina, houses the chain's largest store, with more than 330,000 square feet (31,000 m2). The store was built in 1970 as one of the mall's original anchor stores. The mall was co-developed by the Belk and Ivey families.
Crabtree Valley Mall. in Raleigh, North Carolina, is where Belk built a similarly elaborate 251,000-square-foot (23,300 m2) store in 1972 (subsequently expanded to 320,000 square feet (30,000 m2) in 2007) in North Carolina's high-tech Research Triangle.
The Summit, in Birmingham, Alabama, houses the third flagship, built in 1997, which opened as a Parisian store and one of the lifestyle center's original anchors. Its intended conversion to a Belk flagship was officially announced on April 25, 2007, with the reorganization complete by September 2007.
Phipps Plaza, in Atlanta, Georgia, contains the fourth flagship, which also opened as Parisian, part of a 1992 expansion of the mall in which the store became the third mall anchor. Like the store at The Summit, it converted to a Belk by September 2007, although its conversion to flagship wasn't officially announced until November 2, 2007.
Belk, Inc. (Belk) is a department store in the United States. During the fiscal year ended January 30, 2010 (fiscal 2010), the Company operated 305 stores in 16 states, primarily in the southern United States. The Company provides customers shopping, with a merchandise mix and offerings of brands, styles, assortments and sizes. The Company stores sell brands of fashion apparel, shoes and accessories for women, men and children, as well as cosmetics, home furnishings, house wares, jewelry, gifts and other types of merchandise. Belk also sells private label brands. The Company’s stores may include hair salons, spas, restaurants, optical centers and other amenities. On March 10, 2010, Belk opened one new store in Port Orange, Fla
In 2000, Belk opened a new distribution center in Blythewood, South Carolina. This facility replaced a half-dozen smaller warehouses. Sales were more than $2 billion and growing, though margins suffered in the weakening economy. The company fared relatively well in the very difficult shopping season following the 9/11 terrorist attacks on the United States.
Belk was expanding, adding plenty of retail space on the home front and in new territories. In 2002, the company added 40,000 square feet to its store at Charlotte's SouthPark Mall and opened a 180,000-square-foot location near Durham's Research Triangle Park. (Another 180,000-square-foot store had opened in Charleston two years earlier.) Belk consolidated its merchandising, formerly handled by the four divisions, into one central buying office during the year.
Texas was another focus of expansion beginning in 2001. Here as elsewhere, Belk preferred to open stores in smaller cities such as McKinney, Kerrville, and Waco. The chain's history in the state dated back to the 1950s when a store was opened in Paris, Texas. It ventured into Mississippi in 2003.
John M. Belk, son of the company's founder, retired in May 2004. He was succeeded as chairman and CEO by Thomas M. "Tim" Belk, Jr., who had previously been Belk, Inc.'s president of store divisions, human resources, real estate, and visual presentation. Tim Belk's brothers H.W. McKay and John R. Belk were appointed chief merchandising officer and chief operating officer, respectively, and remained co-presidents with Tim Belk.
John Belk left a company in good shape. Profits were up almost a third in the January 2004 fiscal year, to $111.5 million, as sales approached $2.3 billion. Sales were nearly $2.5 billion in fiscal 2005 as income climbed 11 percent to $124.1 million.
Principal Subsidiaries: Belk Administration Company; The Belk Center, Inc.; Belk Gift Card Company LLC; Belk International, Inc.; Belk National Bank; Belk-Simpson Company; Belk Stores Services, Inc.; Belk Texas Holdings LLC; Belk Texas LP; United Electronic Services, Inc.
Principal Divisions: Central; Northern; Southern; Western.
Principal Competitors: Dillard's Inc.; JC Penney Co.; Federated Department Stores; May Department Stores Co.; Saks Inc.
The Belk Companies posted earnings of $64.5 million on sales of $1.8 billion in the fiscal year ending February 1, 1997. Taken as a whole, Belk was the country's largest privately held department store chain, with 29,000 employees at 225 stores in 13 states. Half of the stores were located in North and South Carolina. The company closed more than three dozen stores, including a series of discount outlets known as Tags.
The 112 companies that made up the Belk stores were consolidated into one corporation, Belk, Inc., on May 2, 1998. According to an official history, Belk, Inc.: The Company and the Family That Built It, the initial filing with the Securities and Exchange Commission (SEC) had 7,358 pages and was more than three feet in height. However, the consolidation spared the owners from having to file more than 100 separate tax returns every year. While Belk remained privately held, it began filing returns with the SEC in 1998 due to the fact that it carried public debt.
A number of new projects refined the business in the late 1990s. The Belk National Bank was launched in Lawrenceville, Georgia, in 1998 to boost the company's credit card business. Belk tried installing in-store kiosks for online sales in 1999 but failed to generate much interest beyond the wedding registry. Two years later, Belk began selling merchandise over the Internet through its Web site, Belk.com.
The company also experimented with the size of its stores. A 2,000-square-foot "Belk Express" store stocked with lipstick and pantyhose was a success among professional women in downtown Charlotte. A series of 50,000-square-foot "smart stores" proved a manageable size for small towns. Belk was stepping up its marketing to younger customers through new private labels such as J. Khaki and Z Universe.
Though the retail industry in general and the department store segment in particular were disrupted by recession, competition from mega-discounters, mergers, and multi-billion-dollar bankruptcies in the early 1990s, one observer characterized Belk Stores as "a rock of stability." The company achieved this constancy through a series of well-considered divestments and acquisitions. In an effort to focus on its strongest markets, the company sold a few stores in marginal markets, maintaining its strongholds in North and South Carolina. Hot on the heels of rumors that longtime affiliate Leggett Stores Inc. was negotiating a merger with Dillard Department Stores Inc., Belk's parent company purchased a controlling interest in the Virginia-based chain in the fall of 1996. The addition of Leggett's more than 40 stores increased Belk Corporation's amalgamation of stores by nearly 20 percent and, perhaps more importantly, ensured the continuation of Leggett's long-running affiliation with Belk Stores Services.
Belk Stores withstood an unplanned management transition in January 1997 when 71-year-old Thomas Belk died following gall bladder surgery. His three sons, Thomas M. "Tim" Belk, Jr., H.W. McKay Belk, and John R. Belk shared the title of president and divided merchandising and operating responsibilities among themselves. Strategies for the future included cost reduction, consolidation of operations with a special focus on inventory management, and a continuing emphasis on the custome
OVERALL
Beta: 0.00
Market Cap (Mil.): $--
Shares Outstanding (Mil.): 46.53
Annual Dividend: --
Yield (%): --
FINANCIALS
BLKIB.OB Industry Sector
P/E (TTM): -- 11.84 8.93
EPS (TTM): 95.41 -- --
ROI: 6.15 2.52 0.90
ROE: 11.34 3.92 1.56
Statistics:
Private Company
Incorporated: 1891 as Belk Brothers Company
Employees: 17,900
Sales: $2.45 billion (2005)
NAIC: 452110 Department Stores
Key Dates:
1888: William Henry Belk opens a discount store in Monroe, North Carolina.
1891: Belk Brothers Company is formed, and John Belk becomes a partner.
1910: The chain's sales approach $1 million.
1921: Leggett brothers begin opening stores in partnership with the Belks.
1940: Belk Buying Service is established.
1952: The first shopping center store is opened in Florida.
1955: Belk Stores Services, Inc. is formed.
1956: Rival Efird department stores is acquired.
1983: Belk hosts its first New York fashion buying show as its emphasis shifts to style.
1988: A huge office complex is opened in Charlotte, North Carolina.
1996: Belk Corporation acquires a controlling interest in affiliate Leggett Stores Inc.
1998: Belk, Inc. is formed from 112 existing Belk companies.
2001: Belk.com is launched.
2004: John M. Belk retires after 50 years as CEO.
Name Age Since Current Position
Belk, Thomas 56 2004 Chairman of the Board, Chief Executive Officer
Bufano, Kathryn 58 2010 President, Chief Merchandising Officer
Belk, H. W. McKay 54 2010 Vice Chairman of the Board
Marley, Brian 54 2000 Chief Financial Officer, Executive Vice President
Belk, John 52 2010 Chief Operating Officer, Director
Pitts, Ralph 57 1998 Executive Vice President, General Counsel, Secretary
Glenn, J. Kirk 67 1998 Director
Nelson, Thomas 48 2003 Independent Director
Long, Elizabeth 61 2004 Independent Director
Townsend, John 55 2005 Independent Director
Thompson, John 59 2006 Independent Director
DeVard, Jerri 53 2010 Independent Director
Address:
2801 West Tyvola Road
Charlotte, North Carolina 28217-4500
U.S.A.
The chain has four flagship locations:
SouthPark Mall, in Charlotte, North Carolina, houses the chain's largest store, with more than 330,000 square feet (31,000 m2). The store was built in 1970 as one of the mall's original anchor stores. The mall was co-developed by the Belk and Ivey families.
Crabtree Valley Mall. in Raleigh, North Carolina, is where Belk built a similarly elaborate 251,000-square-foot (23,300 m2) store in 1972 (subsequently expanded to 320,000 square feet (30,000 m2) in 2007) in North Carolina's high-tech Research Triangle.
The Summit, in Birmingham, Alabama, houses the third flagship, built in 1997, which opened as a Parisian store and one of the lifestyle center's original anchors. Its intended conversion to a Belk flagship was officially announced on April 25, 2007, with the reorganization complete by September 2007.
Phipps Plaza, in Atlanta, Georgia, contains the fourth flagship, which also opened as Parisian, part of a 1992 expansion of the mall in which the store became the third mall anchor. Like the store at The Summit, it converted to a Belk by September 2007, although its conversion to flagship wasn't officially announced until November 2, 2007.
Belk, Inc. (Belk) is a department store in the United States. During the fiscal year ended January 30, 2010 (fiscal 2010), the Company operated 305 stores in 16 states, primarily in the southern United States. The Company provides customers shopping, with a merchandise mix and offerings of brands, styles, assortments and sizes. The Company stores sell brands of fashion apparel, shoes and accessories for women, men and children, as well as cosmetics, home furnishings, house wares, jewelry, gifts and other types of merchandise. Belk also sells private label brands. The Company’s stores may include hair salons, spas, restaurants, optical centers and other amenities. On March 10, 2010, Belk opened one new store in Port Orange, Fla
In 2000, Belk opened a new distribution center in Blythewood, South Carolina. This facility replaced a half-dozen smaller warehouses. Sales were more than $2 billion and growing, though margins suffered in the weakening economy. The company fared relatively well in the very difficult shopping season following the 9/11 terrorist attacks on the United States.
Belk was expanding, adding plenty of retail space on the home front and in new territories. In 2002, the company added 40,000 square feet to its store at Charlotte's SouthPark Mall and opened a 180,000-square-foot location near Durham's Research Triangle Park. (Another 180,000-square-foot store had opened in Charleston two years earlier.) Belk consolidated its merchandising, formerly handled by the four divisions, into one central buying office during the year.
Texas was another focus of expansion beginning in 2001. Here as elsewhere, Belk preferred to open stores in smaller cities such as McKinney, Kerrville, and Waco. The chain's history in the state dated back to the 1950s when a store was opened in Paris, Texas. It ventured into Mississippi in 2003.
John M. Belk, son of the company's founder, retired in May 2004. He was succeeded as chairman and CEO by Thomas M. "Tim" Belk, Jr., who had previously been Belk, Inc.'s president of store divisions, human resources, real estate, and visual presentation. Tim Belk's brothers H.W. McKay and John R. Belk were appointed chief merchandising officer and chief operating officer, respectively, and remained co-presidents with Tim Belk.
John Belk left a company in good shape. Profits were up almost a third in the January 2004 fiscal year, to $111.5 million, as sales approached $2.3 billion. Sales were nearly $2.5 billion in fiscal 2005 as income climbed 11 percent to $124.1 million.
Principal Subsidiaries: Belk Administration Company; The Belk Center, Inc.; Belk Gift Card Company LLC; Belk International, Inc.; Belk National Bank; Belk-Simpson Company; Belk Stores Services, Inc.; Belk Texas Holdings LLC; Belk Texas LP; United Electronic Services, Inc.
Principal Divisions: Central; Northern; Southern; Western.
Principal Competitors: Dillard's Inc.; JC Penney Co.; Federated Department Stores; May Department Stores Co.; Saks Inc.
The Belk Companies posted earnings of $64.5 million on sales of $1.8 billion in the fiscal year ending February 1, 1997. Taken as a whole, Belk was the country's largest privately held department store chain, with 29,000 employees at 225 stores in 13 states. Half of the stores were located in North and South Carolina. The company closed more than three dozen stores, including a series of discount outlets known as Tags.
The 112 companies that made up the Belk stores were consolidated into one corporation, Belk, Inc., on May 2, 1998. According to an official history, Belk, Inc.: The Company and the Family That Built It, the initial filing with the Securities and Exchange Commission (SEC) had 7,358 pages and was more than three feet in height. However, the consolidation spared the owners from having to file more than 100 separate tax returns every year. While Belk remained privately held, it began filing returns with the SEC in 1998 due to the fact that it carried public debt.
A number of new projects refined the business in the late 1990s. The Belk National Bank was launched in Lawrenceville, Georgia, in 1998 to boost the company's credit card business. Belk tried installing in-store kiosks for online sales in 1999 but failed to generate much interest beyond the wedding registry. Two years later, Belk began selling merchandise over the Internet through its Web site, Belk.com.
The company also experimented with the size of its stores. A 2,000-square-foot "Belk Express" store stocked with lipstick and pantyhose was a success among professional women in downtown Charlotte. A series of 50,000-square-foot "smart stores" proved a manageable size for small towns. Belk was stepping up its marketing to younger customers through new private labels such as J. Khaki and Z Universe.
Though the retail industry in general and the department store segment in particular were disrupted by recession, competition from mega-discounters, mergers, and multi-billion-dollar bankruptcies in the early 1990s, one observer characterized Belk Stores as "a rock of stability." The company achieved this constancy through a series of well-considered divestments and acquisitions. In an effort to focus on its strongest markets, the company sold a few stores in marginal markets, maintaining its strongholds in North and South Carolina. Hot on the heels of rumors that longtime affiliate Leggett Stores Inc. was negotiating a merger with Dillard Department Stores Inc., Belk's parent company purchased a controlling interest in the Virginia-based chain in the fall of 1996. The addition of Leggett's more than 40 stores increased Belk Corporation's amalgamation of stores by nearly 20 percent and, perhaps more importantly, ensured the continuation of Leggett's long-running affiliation with Belk Stores Services.
Belk Stores withstood an unplanned management transition in January 1997 when 71-year-old Thomas Belk died following gall bladder surgery. His three sons, Thomas M. "Tim" Belk, Jr., H.W. McKay Belk, and John R. Belk shared the title of president and divided merchandising and operating responsibilities among themselves. Strategies for the future included cost reduction, consolidation of operations with a special focus on inventory management, and a continuing emphasis on the custome
OVERALL
Beta: 0.00
Market Cap (Mil.): $--
Shares Outstanding (Mil.): 46.53
Annual Dividend: --
Yield (%): --
FINANCIALS
BLKIB.OB Industry Sector
P/E (TTM): -- 11.84 8.93
EPS (TTM): 95.41 -- --
ROI: 6.15 2.52 0.90
ROE: 11.34 3.92 1.56
Statistics:
Private Company
Incorporated: 1891 as Belk Brothers Company
Employees: 17,900
Sales: $2.45 billion (2005)
NAIC: 452110 Department Stores
Key Dates:
1888: William Henry Belk opens a discount store in Monroe, North Carolina.
1891: Belk Brothers Company is formed, and John Belk becomes a partner.
1910: The chain's sales approach $1 million.
1921: Leggett brothers begin opening stores in partnership with the Belks.
1940: Belk Buying Service is established.
1952: The first shopping center store is opened in Florida.
1955: Belk Stores Services, Inc. is formed.
1956: Rival Efird department stores is acquired.
1983: Belk hosts its first New York fashion buying show as its emphasis shifts to style.
1988: A huge office complex is opened in Charlotte, North Carolina.
1996: Belk Corporation acquires a controlling interest in affiliate Leggett Stores Inc.
1998: Belk, Inc. is formed from 112 existing Belk companies.
2001: Belk.com is launched.
2004: John M. Belk retires after 50 years as CEO.
Name Age Since Current Position
Belk, Thomas 56 2004 Chairman of the Board, Chief Executive Officer
Bufano, Kathryn 58 2010 President, Chief Merchandising Officer
Belk, H. W. McKay 54 2010 Vice Chairman of the Board
Marley, Brian 54 2000 Chief Financial Officer, Executive Vice President
Belk, John 52 2010 Chief Operating Officer, Director
Pitts, Ralph 57 1998 Executive Vice President, General Counsel, Secretary
Glenn, J. Kirk 67 1998 Director
Nelson, Thomas 48 2003 Independent Director
Long, Elizabeth 61 2004 Independent Director
Townsend, John 55 2005 Independent Director
Thompson, John 59 2006 Independent Director
DeVard, Jerri 53 2010 Independent Director
Address:
2801 West Tyvola Road
Charlotte, North Carolina 28217-4500
U.S.A.
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