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301 stores in 16 states across the Southeast
Plans to grow $6 Billion in sales by 2016.
Growth Strategy:
- Investing $300 million in upgrading technology and merchandise systems
- Working to build an innovative risk-taking culture
- Investing $100 million on store remodels and expansions, including upgrading stores to "flagship stores"
Belk has identified about 15 existing stores that they can grow & develop to flagship status. Flagship status requires significant volume, higher end brands, has a minimum of $30 million in volume and at least 150,000 sq ft.
Non-flagship stores - about 75,000 sq ft. Halo effect around stores that are in within driving distance to flagship stores. (within 50 miles of a flagship store, which serves immediate needs)
Plans to grow e-commerce business to 10% of overall sales by 2016.
In 2012, e-commerce revenue grew more than 85% to $135 million (about 3.5% of store sales)
25% of e-commerce customers were out of the 16 state footprint
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