Richer Sounds: Difference between revisions
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[[Image:Richersounds city.jpg|thumb|right|Richer Sounds store in the City of London]] |
[[Image:Richersounds city.jpg|thumb|right|Richer Sounds store in the City of London]] |
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[[Image:Richersounds tvsection.jpg|thumb|right|A typical shop layout]] |
[[Image:Richersounds tvsection.jpg|thumb|right|A typical shop layout]] |
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'''Richer Sounds''' is a [[Great Britain|British]] home entertainment retailer that operates online and through a chain of 51 stores distributed across the United Kingdom. The business is 100% owned by [[Julian Richer]], the founder and managing director of the company |
'''Richer Sounds''' is a [[Great Britain|British]] home entertainment retailer that operates online and through a chain of 51 stores distributed across the United Kingdom. The business is 100% owned by [[Julian Richer]], the founder and managing director of the company. |
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==History of the business== |
==History of the business== |
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Revision as of 14:53, 7 November 2011
 | This article contains content that is written like an advertisement. (July 2010) |
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| Company 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 |
Number of employees | 403 (2009) |
| Website | www.richersounds.com |
Richer Sounds is a British home entertainment retailer that operates online and through a chain of 51 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
Richer began his business life at the age of 14 by buying and selling hi-fi separates, while still at school. By the age of 17 he had three people working for him.
Richer Sounds formally began trading in 1978, when, aged 19, he opened his first shop near London Bridge, with the help of the latnbnne Vic Odden, the photography retailer.
For over 20 years this store has been featured 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]
Business model
Customer service is considered important; customers are asked for their feedback through 'freepost' cards in which customers are asked to rate their visit via a questionnaire and also on item receipts. Julian Richer, in running the company is involved in addressing major issues.[citation needed]
Their stated aim is to beat competitors' prices, including those on the internet, subject to their 'pricebeat' policy. Their shops tend to have a simple layout and are generally located be on the edge of main shopping areas in order to keep costs down.[citation needed]
Richer Sounds involves its employees in bettering the company through its suggestion scheme and is successful in receiving suggestions from employees. This may have prompted other businesses to emulate its business model, such as the Halifax bank and Asda supermarkets.[citation needed] It has also been cited by some academics as an example of an efficient system, most notably Dr Alan G Robinson of the Isenberg School of Management, University of Massachusetts Amherst, in his paper "How the Best Managers and Organisations Tap the Ideas of their Front Line People." [citation needed]
Charitable contributions
The company has received recognition from Business in the Community for its contributions to charity. Richer Sounds currently funnels 15% of its profits into charitable organisations, making it one of the most generous donors (in percentage terms) of any company in the UK.[citation needed]
Awards
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[2].
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
Notes
- The Independent: Julian Richer talks about employee suggestion schemes
- CustomerServiceWorld.com: Julian Richer talks about employee suggestion schemes
- Managementtoday.com: Ninety-five per cent of this man's staff say they love working for him. What's his secret?
- TopMBA.com: Increasing human and social capital by applying job embeddedness theory
- The Guardian: Richer Sounds' charitable donations
- Trainingmag.com: Richer Sounds' suggestion scheme
- BBC reports on Richer Sounds being named as winner of the Which? High Street Shop Survey, 2011