The Container Store
||This article appears to be written like an advertisement. (November 2011)|
|Traded as||NYSE: TCS|
|Founded||Dallas, Texas (1978)|
|Number of locations||60 (May 2013)|
|Key people||Kip Tindell (CEO & Chairman)
Garrett Boone (Chairman Emeritus)
Melissa Reiff (President)
Sharon Tindell (Chief Merchandising Officer)
|Revenue||USD $750 million|
|Owner(s)||Leonard Green & Partners|
The Container Store Group, Inc. is a specialty retail chain company that operates The Container Store, which specializes in storage and organization solutions.
On July 1, 1978, The Container Store opened its doors in a small, 1,600-square-foot (150 m2) retail space in Dallas. Kip Tindell (Chairman and CEO), Garrett Boone (Chairman Emeritus), and architect John Mullen opened a retail store offering a mix of products devoted to helping people simplify their lives. In doing so, they originated a new category of retailing, that of storage and organization. Initial cash capital was provided by Garrett, his father, and John Mullen, who were founding directors, officers and shareholders of the company. The company has reported an average of 20% annual growth every year that it has been in operation. In 1999, the company bought one of its main suppliers, elfa International, a Swedish corporation that specialized in shelving and storage units.
Company president Melissa Reiff has credited the company's devotion to recruiting and retaining a highly qualified workforce as one of the keys to its success. The company has made Fortune's list of "100 Best Places to Work in America" in each of the past 14 years, through 2013.
In February 2007, its owners announced that they were "exploring alternatives," including selling the company to private investors, in order to fund future growth. They stated that they would not sell unless they received guarantees that the corporate culture was preserved. On July 2, 2007, the company announced that they had closed a deal with a private equity firm based in Los Angeles, Leonard Green & Partners, which obtained a majority stake.
History of growth
Garrett Boone and Kip Tindell met while working in the paint department of Montgomery Ward. The first store location outside Texas opened in Atlanta, Georgia in April 1991. By December 1998, the chain had grown to 18 stores in operation. In October 2000, its first New York metropolitan area store opened. As of November 2004, it had 33 locations, and reached 38 with the opening of the first Los Angeles area location in October 2006. Its first Missouri store opened in early 2007, taking the spot of a former location of the recently defunct Organized Living chain.
Following the deal with Leonard Green announced in July 2007, the company announced plans to open 29 more stores in the next five years. The first Arkansas location (Little Rock) opened in March 2008, followed by the first Arizona location (Scottsdale) in the summer, and the first Minnesota location (Edina) and second Ohio location (Cincinnati) that fall.
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