Bargain Hunt (retail store)

Bargain Hunt
Private
Industry Retail
Founded
Founder Robert Echols, Phil Pfeffer
Headquarters La Vergne, Tennessee, U.S.
Number of locations
 80 stores[1]
Area served
 United States
Key people
Products
  • Electronics
  • movies and music
  • home and furniture
  • home improvement
  • clothing
  • footwear
  • jewelry
  • toys
  • health and beauty
  • pet supplies
  • sporting goods and fitness
  • auto
Owner Essex Technology Group
Number of employees
Website

Bargain Hunt,[4][5] formerly Essex Bargain Hunt, is an American Discount store chain. Founded in 2004, Bargain Hunt is headquartered in La Vergne, Tennessee with retail locations in Tennessee,[6] Ohio,[7] Indiana, Kentucky,[8] North Carolina,[9] South Carolina, Georgia, Alabama, Mississippi and Arkansas.[10][11]

History

Essex Technology Group - Bargain Hunt's parent company was founded in the year 2000 in Nashville by Robert Echols and Phil Pfeffer. They started off the company as a wholesaler of closeout goods. The company bought overstock and excess inventory goods from big box retailers and sold them. Initially, the focus was on electronics and computers.[12]

The first store was opened in 2004 in Nashville and was known as Essex Bargain Hunt. The company also began an online store selling directly to retail customers from its original Nashville location. The strategy was to sell items that were too big or expensive to sell online.[12]

After a successful run, Essex launched the Bargain Hunt superstores - using locations abandoned by stores such as Staples and Circuit City. The name was later changed to Bargain Hunt.[12]

Expansion

Bargain Hunt opened its first store in Nashville in the year 2004 and went on to expand in Southern and Midwest United States. The chain operates more than 80 stores in 10 states as of 2017.[1] In 2015, Thomas H. Lee Partners acquired a majority stake in the retail chain.[13]

Retail Format

Bargain Hunt stores are typically around 20,000 - 25,000 sq ft. in size and sell products such as electronics, movies and music, furniture, home improvement, clothing, footwear, jewelry, toys, health and beauty, pet supplies, sporting goods and fitness.[14][15]

Sales Strategy

The stores sells name brands at a discount of 30% to 70% on regular prices and plays in the extreme value retail space.[16] The store also utilizes a discounting program that drops the prices on items by specific percentages depending on the time they have been on shelves. The discount varies from 10% for newly shelved products to 90% for products in store for a longer time. These discounts are given in addition to the already marked down prices. The products sold in the stores are mostly overstock and excess inventory goods acquired from big box retailers.( No longer acurate.) [12]

References

  1. 1 2 "About Us". www.bargainhunt.com. Retrieved 2017-12-22.
  2. ↑ "CEO: Essex Technology growth has its eyes on Execution, Tech and Capital". Venture Nashville. 2014-10-27. Retrieved 2017-12-22.
  3. ↑ "Bargain Hunt retail chain is growing fast". The Tennessean. Retrieved 2017-12-22.
  4. ↑ "Bargain Hunt retail store coming to Antioch". The Tennessean. Retrieved 2017-12-22.
  5. ↑ "Big private-equity name recaps Bargain Hunt | Nashville Post". Nashville Post. Retrieved 2017-12-22.
  6. ↑ "Bargain Hunt coming to White House, TN". The Tennessean. Retrieved 2017-12-22.
  7. ↑ "Bargain Hunt to open Hamilton location June 16". journal-news. Retrieved 2017-12-29.
  8. ↑ News, the Daily. "New bargain store to open Friday". Bowling Green Daily News. Retrieved 2017-12-29.
  9. ↑ "A look inside N.C.'s first Bargain Hunt store". www.bizjournals.com. Retrieved 2017-12-22.
  10. ↑ "Store Locator". www.bargainhunt.com. Retrieved 2017-12-22.
  11. ↑ "A Look Forward: Restaurant Transitions and Trampolines". Retrieved 2017-12-29.
  12. 1 2 3 4 "Bargain Hunt retail chain is growing fast". The Tennessean. Retrieved 2017-12-29.
  13. ↑ "Big private-equity name recaps Bargain Hunt | Nashville Post". Nashville Post. Retrieved 2017-12-29.
  14. ↑ "A look inside N.C.'s first Bargain Hunt store, opening today in Charlotte". www.bizjournals.com. Retrieved 2017-12-29.
  15. ↑ "Discount retailer opens Chattanooga store". timesfreepress.com. 2013-10-16. Retrieved 2017-12-29.
  16. ↑ "Grand Opening – Bargain Hunt store in Lenoir, NC". Caldwell Journal. Retrieved 2017-12-29.
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