Big Lots

Big Lots Inc.

Big Lots Inc. is not your everyday retail store such as Wal-Mart or K Mart. Big Lots, Inc. is the largest broadline closeout retailer in the nation. Big Lots' theme is "Brand names at closeout prices!" This motto is the foundation of what the company is built upon. More than 3,000 manufacturers provide the company's stores with brand-name products at prices 20-40% below traditional discount retailers. Big Lots meets the needs of customers by providing an assortment of merchandise, including consumables, seasonal products, furniture, housewares, toys, and gifts.

Big Lots was established in 1982 through Consolidated Stores Corporation. The stores name was called Odd Lots which made its debut in Columbus, Ohio. In 1985, the company made its initial offering on the American Stock Exchange. At this time Big Lots was first launched. Thanks to their buyers, managers, associates, and other supporters, the company celebrated its first billion dollar year in 1993. In 1994, the company acquired Toy Liquidators which added 82 stores in 38 states. Two years later Consolidated Stores Corporation doubled its size and sales with the purchase of KB Toys. Big Lots Furniture became one of the fastest-growing furniture retailers after it began with 9 freestanding stores and 53 in-store departments in 1997. After gaining shareholder approval, Consolidated Stores Corporation changes its name to Big Lots, Inc. in 2001. After rebranding was complete in 2002, the company made many improvements in the Big Lots shopping experience, including updated, attractive stores and even better customer service. The changes bring record-setting increases in customer transactions.

Most closeout retailers rely on the distribution of weekly or monthly circulars to inform customers of the latest deals. Big Lots uses targeted mixtures of circulars to drive immediate customer traffic along with network television advertising to build awareness with consumers. In 2003, launched it's first-ever $50 million television advertising campaign. Commercials can be seen all over daytime and nighttime television. With a host of different types of products to market, Jerry Van Dyke plays the lead role in promoting the company's products. Consumers also receive a weekly sales promotion in the mail that brings to life what Big Lots has to offer in its "Here today, gone tomorrow" deals. Advertisement strategies have the potential to make or break a company. Fortunately, the company seems to be moving in the right direction. Location on the other hand is also a key factor in a company's success. Many are located in strip malls or freestanding locations. The consumer's awareness of location is important to the growth. For example, Store 1563 is located on Woodward Avenue in Muscle Shoals. Many successful businesses are located within blocks of the store. Unfortunately, you will find that Big Lots is set far back off of the road and is blocked by a restaurant, strip mall, and dollar store. Many shoppers have lived in the area for years but never noticed the store due to its hidden location. Many of the store's employees believe it has potential for greater success given it had a better location.

Closeout is the most unique segment of retailing. They are the same first-quality, brand-name products found at other retailers. By offering merchandise at 20-40% below traditional discount retailers, Big Lots has annual