Big Lots Survey is an American association known to many. Whether affordable sofas or groceries, Big Lots has been a place for many for decades. But have you ever thought, When Did Big Lots Begin?
In this article, find out where Big Lots has come from, how it developed and grew over the years as well as some remarkable features of the chain. Cutting through its growth starting from humble beginnings to becoming the best chain of discount retailers, this piece narrates how Big Lots achieved the dimension of a retail giant.
When Did Big Lots First Open?
Discover the origins of Big Lots and how it grew from a small retail operation to a national discount powerhouse.
The Beginnings
The year 1967 is declared as the year when Big Lots was formed. However, the company previously did not go under the name it is universally known as today, Big Lots. The company first started as Consolidated Stores Corporation which was founded by an ambitious businessman by the name of Sol Shenk.
The Founder’s Vision
As the founder of Big Lots, Sol Shenk had an interesting strategy that has the shape of a single straightforward yet effective plan: focusing on Costco, liquidation and excess goods that were on sale.
So the first steps toward his goal were:
1. buying unwanted, obsolete, closeout, and surplus stock from manufacturers.
2. selling those goods at cut rates to consumers.
In this way, the business of Consolidated Stores has been able to serve its purpose: to sell economy products and set up links within the aggressive retail market competitive system.
So now we know When Did Big Lots Begin? Big Lots first opened in 1967 as Consolidated Stores Corporation, marking the start of its journey to becoming a leading retail powerhouse.
The History of Big Lots
The evolution of Big Lots from Consolidated Stores Corporation to the discount retail giant we know today is a tale of strategic growth and bold rebranding.
From Consolidated Stores to Big Lots
The transformation of Consolidated Stores into Big Lots is a story of strategic growth and rebranding. Here’s a brief timeline:
- 1967: Consolidated Stores Corporation is founded.
- 1982: The first Big Lots store opens in Columbus, Ohio.
- 1994: Consolidated Stores is listed on the New York Stock Exchange.
- 2001: The company rebrands as Big Lots, consolidating all stores under the Big Lots name.
Growth and Expansion
BWith Lots Of Growth and Numerous Strategic Initiatives in Place the company was able to achieve a great amount of expansion.
With Opening Up Myriads of Outlets: From a single store in Ohio, the company grew to over 1,400 locations across the United States.
Brand extension: The focus initially centered around closeout goods cutouts taught Big Lots to expand its product mix into areas of furniture, seasonal items and groceries as well.
Brand Consistency: Putting all store names under ‘Big Lots’ led to better market penetration for the company.
The word ‘consolidated stores’ was an address only for a single store in a single location in Ohio but what this sheds light is the branding, retail that followed was a game changer for the success of the company.
Noteworthy Milestones
Over the years, Big Lots has made strategic acquisitions that have helped expand its market presence and diversify its product offerings.
Acquisitions and Mergers
Over the years, Big Lots made strategic acquisitions to expand its market share:
| Year | Acquisition | Impact |
|---|---|---|
| 1992 | MacFrugal’s Bargains Closeouts | Added over 300 stores to the Big Lots chain. |
These acquisitions enabled Big Lots to grow its footprint and diversify its product offerings.
Innovative Strategies
- Closeout Retailing Model: By acquiring excess inventory at low costs, Big Lots maintained its competitive pricing.
- Customer-Centric Approach: Offering quality products at affordable prices solidified its reputation among discount shoppers.
These acquisitions, along with innovative retail strategies, have played a key role in solidifying Big Lots’ position as a leading discount retailer.
Big Lots Today
Big Lots has grown significantly since its inception, expanding its business across the United States while diversifying its offerings to meet the needs of a wide range of customers.
Extent of Business Along with the Number of Stores
Over the years, Big Lots Incorporated has transformed from a single store in Ohio into a chain encompassing over 1,400 Big Lots retail stores. When Did Big Lots Begin?
The journey started in 1967, and since then, the company has expanded significantly. Currently, Big Lots participates in urban, suburban, and rural markets, positioning itself perfectly to cater to a variety of customers. Each outlet operates under a distinct strategy, targeting a mix of retail categories such as household appliances and seasonal merchandise.
Range of Products
Every customer is different when it comes to their preferred shopping style and Big Lots understands this so they have an extensive product offering that includes different kinds of things:
- Furniture: Defiantly not targeting an upscale market they offer lounges, every day mattresses and plenty of dining sets that are affordable yet stylish.
- Home Décor: From throw pillows to wall art, big lots would provide decorative items for every room in the house.
- Groceries: Non-perishable food items, snacks, and other beverages that caters everyone at low price.
- Seasonal Items: Rejoicing holidays , gardening or just chilling outside herbs or other seasonal products can be at your reach.
- Everyday Essentials: essentials such as cleansing, personal or products related to pets.
Moving in Line with Modern Technology
When shopping, customers of Big Lots are now able to utilize technology.
Many customers are able to order goods over the internet and choose to pick them up at the store or have the items delivered to their homes using their e-commerce platform.
Online website and mobile application provides a simple and convenient access to different deals, have features to provide dedicated online price cuts and a loyalty program that helps customers accumulate savings.
Revenue and Economic Impact
For many years, Big Lots has been claiming to earn more than $5 billion of revenue every year, positioning it among the leaders of the discount retail market. The combination of competitive pricing and purchasing power for quality products have given the ability to stay profitable while still being able to offer customers reasonable prices.
Community Engagement
Big Lots Solicits its customers taking part in its several community programs such as:
- The Big Lots Foundation: Provides monetary help to NGOs working in areas in need – health, housing, and hunger.
- Disaster Relief: Donates and provides other forms of help as soon as possible when natural catastrophes occur; such as food and water.
- Volunteer Programs: To inspire their employees to join voluntary activities in the cities they are located.
Diversity and Inclusion
Big Lots dedicates themselves to create an inclusive and diverse workplace, to achieve this they actively promote:
- Employee Development: Training programs and career mobility opportunities.
- Diverse hiring: Having representation from every group.
- Social. Customer Relations. Marketing: Engaging in cultural and festive practices to relate their diverse clients.
With over 1,400 stores, a wide variety of products, and a commitment to sustainability and community engagement, Big Lots continues to be a major player in the retail industry.
The Big Lots Shopping Experience
On a regular customer can expect “Incredible Prices To Their Biggest Lol” Seems normal but with Big Lots they always manage to deliver even better deals.
Customers have a tendency to rotate between various stores which achieve the spectacular offering of brand name products at greatly reduced rates. The store’s design does encourage customers to browse by making it a little more easy for them to navigate towards what they were looking for.
Loyalty Program – Big Rewards
Big Lots has a big rebate for their clients through warranties this is achieved by providing:
- Discounts and coupons.
- Rebate on purchases.
- Additional birthday allowances and invites to events.
With the Big Rewards loyalty program, Big Lots continues to offer incredible savings and exclusive benefits, making every shopping experience even more rewarding.
Challenges and Future Goals
The company has always strived to solve these emerging problems as well as establish goals aimed at retaining the status of the discount retail giant since the date they were asked “When Did Big Lots Begin” which seems to be in the year 1967.
Big Lots is not an exception and does face a set of challenges due to threat of changing consumer behavior, competition from online only sellers or entire economy. Nevertheless Big Lots finds ways out by growing its online market, remodeling branches and adjusting the stock level to regions.
In short, Big Lots is ready to achieve ambitions that some wish for:
- Open new store locations that are missing in potential markets.
- Improve its digital capabilities to allow for a better integrated multi-channel.
- Strengthen its image as a community-oriented and customer-oriented company.
Big Lots today is not only the American operator of a closeout store, but rather for American families it is a reliable assistant in achieving the best price, the highest quality, and the greatest shopping convenience.
Thanks to its development strategies and customer-oriented policy, Big Lots is steadily holding its place in the American retail and is a source of prosperity and growth of the society.
Conclusion
So, when did Big Lots begin?. Well, that would be 1967, and we have Sol Shenk to thank for that. Big Lots grew from a small business to a retail giant by evolving with the needs of the consumers and widening their scope, but more importantly, by sticking to the core of their business – that is, keeping the prices low.
Today, Big Lots still caters to millions of loyal customers and at the same time, contributes to the development of communities. As a loyal customer or a first-time shopper, Big Lots has not failed to impress with its innovations and strategy in the retail space.
Did you enjoy shopping at Big Lots? Share your experience in the comments below—we’d love to hear from you!
