One of these days, Netflix should do a movie on the survival of Boscov’s. The family-owned department store chain is opening its 50th store in West Virginia, about the same number it had when it went through a near-death experience during the financial crisis of 2008-2009
A well-written piece in the Philadelphia Inquirer marked the milestone and took us back to the remarkable story of the late Al Boscov coming out of retirement and raising funds from family members and other entities to buy back the department store chain. Under previous management, Boscov’s underwent an ill-advised expansion that bumped into the financial mire that came with the fall of Lehman Brothers and others.
Remarkably enough, Al took the helm again, and Boscovs staged a dramatic recovery. It even reopened a store in a desirable location in White Marsh Mall that had been shuttered a few years earlier as the company battled for survival. Al stuck with the old formula, including optical departments, furniture, and toys. Large electronics went away and made room for more furniture. Also gone are the company’s few restaurants. Only Nordstrom seems to be keeping that attraction.
Family member Jim Boscov, 83, is now running the chain, which maintains a few downtown stores but is primarily located in malls or free-standing centers.
The company has three stores in Delaware, one in Concord Mall, another in the Christiana Town Center, and the third at Dover Mall.
it has resisted the lure of acquiring a large number of department store sites as Macy”s, Sears and others trim their footprints or shut down entirely. Instead, it has quietly acquired locations where that are good fit, the recent example being the expansion into West Virginia.
Shoppers are still heading to Boscov’s based on a recent weekend visit, with a younger demographic, sometimes with a couple of generations of family members. As the Inquirer story noted, Boscov’s scored a big win on the social media front when their clothing items popped up on Tik-Tock. Clearly, as the pandemic wanes, people still want to shop in person.
Still around is the slogan – Did you Bosvov?, which was written on banners throughout the store.
Among the in-store attractions was a 99-cent bottle of hand soap, well below the price you would pay at a grocery store. The once formidable array of barbecue grills was not on the sales floor, a niche cornered by Lowe’s and Home Depot. Many years ago, I even bought a lawnmower at Bosvo’s. Among the surviving department is the candy counter, a popular place this time of year.
Boscov’s faces its share of challenges, including a continuing labor shortage and changing styles. Stores in numerous malls could end up under “ghost” status if other retailers go out of business or head for greener pastures. While seeing signs of life, Concord Mall remains on the bubble. Dover Mall owners are looking at expanded uses for their site.
Most Boscov stores have a ’70s and ’80s feel and could use a makeover. Don’t expect a major overhaul. Under a designed-oriented former Apple executive, JC Penney nearly collapsed when it ran out of funds to pay for an ambitious overhaul of its stores.
The next leader for Boscov’s is another question mark. Still, the blueprint is in place, and adding a store or two a year in the right location while keeping a focus on social media and other trends might just be enough to keep things going. And to keep guys coming to the store, Boscov’s might want to add a few big-screen TVs and grills That said; there were plenty of males during my weekend visit.- Doug Rainey, chief content officer.
