Richer Sounds

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Richer Sounds plc
Type Unlisted plc
Industry Retailer
Founded London Bridge, England (1978)
Headquarters London, England
Key people Julian Richer, Founder
David Robinson, Chairman
Claudia Vernon, Marketing Director
Products Hi-fi, home cinema, LCD & plasma TV
Employees 403 (2009)
Website www.richersounds.com
Richer Sounds store in the City of London
Richer Sounds store in Southampton
A typical shop layout

Richer Sounds is a British home entertainment retailer that operates online and through a chain of 53 stores distributed across the United Kingdom. The business is 100% owned by Julian Richer, the founder and managing director of the company.

History of the business[edit]

Richer Sounds formally began trading in 1978, when, aged 19, Richer opened his first shop near London Bridge, with the help of Vic Odden, the photography retailer.

Richer Sounds original logo, 1978-2006

For over 20 years this store is listed in the Guinness Book of Records for the highest sales per square foot of any retail outlet in the world.[1]

Richer Sounds was initially known[citation needed] for selling budget audio equipment in a ‘pile it high and sell it cheap’ fashion, but in recent years it has moved upmarket, and expanded its range from just audio products to encompass television and home cinema equipment. An installation service has also been developed.

In 2007/8 the company launched ranges of audiophile hi-fi, multi-room and high-end home cinema separates, with some stores providing demonstration rooms for customers. The company also instituted a corporate rebrand, redesigning their logo and literature and instituting a programme of facelifts, expansions and relocations of their stores.[citation needed]

In November 2013, Julian Richer announced to the press that, upon his death, his testament will bequeath 100% of the firm to a trust which will be owned equally by all employees of the company.[2][3]

Awards[edit]

In 2002, Richer Sounds was judged as the best British-owned company to work for by The Sunday Times. It has also been recognised by the government-backed Investors in People scheme.[citation needed]

In May 2010, Richer Sounds received the Best Retailer Award from Which?, beating the likes of Waitrose and John Lewis to the title in this category awarded solely on the feedback of 14,000 Which members.

In January 2011, Richer Sounds received a Royal Warrant.[4]

In May 2011, Richer Sounds came top of the Which? High Street Shop Survey 2011, earning 5 stars out of 5 for Product Range, Service and Pricing.

In July 2011, Richer Sounds received the Which? Best High Street Retailer of the Year 2011 award. Peter Vicary-Smith, chief executive of Which?, commented: “To win a Which? Award, not only must a company offer outstanding products or services, it must also deliver exceptional value and a great customer experience. This is especially important at a time when consumers are really feeling the pinch."

See also[edit]

Notes[edit]

  1. The Independent: Julian Richer talks about employee suggestion schemes
  2. CustomerServiceWorld.com: Julian Richer talks about employee suggestion schemes
  3. Managementtoday.com: Ninety-five per cent of this man's staff say they love working for him. What's his secret?
  4. TopMBA.com: Increasing human and social capital by applying job embeddedness theory
  5. The Guardian: Richer Sounds' charitable donations
  6. Trainingmag.com: Richer Sounds' suggestion scheme
  7. BBC reports on Richer Sounds being named as winner of the Which? High Street Shop Survey, 2011

References[edit]

  1. ^ Guinness World Records 2000. 2000. ISBN 0-85112-098-9. 
  2. ^ Kunal, Dutta (19 November 2013). "'I lack a spoilt child to run the business': Hi-fi tycoon Julian Richer to leave company to his staff". The Independent. Retrieved 19 February 2014. 
  3. ^ Jonathan, Moules (19 November 2014). "Richer Sounds business to be bequeathed to employees". The Financial Times. Retrieved 19 February 2014. 
  4. ^ http://www.whathifi.com/news/Richer-by-Royal-Appointment/

External links[edit]