Bargain Hunt (retail store)

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Bargain Hunt
Private
IndustryRetail
Founded
FounderRobert Echols, Phil Pfeffer
HeadquartersLa 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
OwnerEssex 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[edit]

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[edit]

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[edit]

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]

Bargain Hunt in Griffin, Georgia

Sales Strategy[edit]

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 company will eventually discount its merchandise on a 30, 60, and 90 day cycle (30 days gets 30% off, 60 days gets 60% off, etc.)

References[edit]

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