Belk is the largest privately own mainline department store chain in the United States according to the article, Belk Inc.(www.Belk.com). Belk Inc. was founded in 1888 in Monroe, North Carolina by William Henry Belk. William Henry Belk was the son of a farmer. He worked at a local dry good store then became the manager. Later he decided to open his own store. (www.historync.org). The store began as a small bargain store and was first called “New York Racket” and then “Belk Brothers” after William Henry Belk made his brother John Belk a partner. The name “Racket” was a common handle for the dry goods trade among merchants in small Southern towns and they usually lived up to the promise. (Covington 12). The department store was promoted as “The Cheapest Store on Earth.” Belk paid off his debts and netted a $3,300 profit in just seven months after he opened his first store (www.historync.org). The company was headquartered in Charlotte in the middle of its traditional stronghold of North and South Carolina. The stores are located primarily in the southern United States. Even though it has flagship stores at large malls, the company has opened many stores in smaller cities.
As of August 1, 2009, Belk, Inc. operates 308 fashion department stores in 16 states
According to the article, 10-G: Belk Inc. (marketwatch.com). Some of the selected stores include hair styling salons, spas, restaurants, optical centers and other amenities. Belk has department stores in North Carolina, Georgia, South Carolina, Florida, Alabama, Virginia, Puerto Rico, Ohio, Kentucky, Arkansas, Texas, West Virginia, Maryland and East Tennessee.
Belk, Inc. has a strategic alliance with GE Money Bank to operate private label credit card business according to the Belk Inc. Stock Quote and Company Profile article (investing.businessweek.com). The Company seeks to be...