Two retail industry vets have ambitious plans to bring the brand back this spring in a big way.
A former Richmond-based company is getting a reboot in a big way. Consumer electronics industry publication Twice reported exclusively on Tuesday that the former chain, which was once the largest consumer electronics retailer in the nation, will relaunch under the ownership of industry vet Ronny Shmoel.
The plan to resurrect the former big box retailer is quite ambitious to say the least, as Twice reports:
This time, what Circuit City has in store is an ambitious, multi-tiered game plan that calls for retail outlets, web sales, branded and private-label products, licensed kiosks, mobile shops and franchise opportunities, all under the iconic red-and-white banner.
The fun is expected to begin in June when the company opens its first store, most likely in the Dallas market, and relaunches CircuitCity.com.
Shmoel, CEO of the enterprise, expects to have 50 to 100 corporate-owned stores up and running by next year and, eventually, an additional 100 to 200 franchised locations.
In five years’ time, the company hopes to have at least 5,000 locations. A monster growth plan to be sure, but with the new stores ranging in the 2,000-to-4,000-square-foot range–much smaller than the footprint of the former iteration’s 15,000-to-45,000-square-foot stores–it’s not completely unfathomable if the concept sticks.
The new stores will target millennials and be laid out much like an Apple Store, if an artist’s rendering is any indication.
Circuit City began in 1949 as the Wards Company with a small retail storefront at 705 West Broad Street on the present-day (much-expanded) VCU Monroe Park Campus. The company had 567 stores before being liquidated in 2008. It was headquartered in Henrico’s West End, in the Deep Run Office Park.
Photo: Wikimedia Commons