The name system in the retail business may be one of the most complex, and due to this lack of understanding people sometimes have a what they always have shared with everyone asking “Why Did Big Lots Change Their Name?” and over the years, people have been making the same query with questions like “Did Big Lots Change Their Name?” ”
When looking into as to why did Big Lots change their name people are astonished with the level of creativity that that lies within the development of such a name strategy. This term discusses the methods and reasons behind Big Lots Survey’s rebranding from Consolidated Stores Corporation.
Eager to answer the questions regarding Why Did Big Lots Change Their Name? People need to have a little more patience and reading in order to get there. The founding In 1967 – Columbus, Ohio people took a gamble Lawrence B. Shlomo created a retail vertically organized network specializing in discount stores.
From Consolidated Stores to Big Lots
The company also started operating under the name Big Lots in 2001, the shift from Consolidated Stores Corporation signaled a new beginning and phase for the company. But why did Big Lots change their name in the first place? Here is how it goes:
Business Reasons for the Name Change
- Branding Issues: The term Big Lots was quick, easy to recall and conveyed what the company was all about, which was the sales of many items at cut rates more than what one could think of.
- Brand Extension: With plans to expand across the US, Big Lots wanted to have a brand that would cut across all the markets with all the consumers. The name was indeed catchy and simple and easy to use.
- Branding: The title Big Lots confirmed the company’s new business strategy as they aimed at selling a large range of items at once.
Looking at the Effects of the Name Change
- Numerous Brand Strategies: The strategy of changing name from Big Lots gave the company the opportunity to develop a unique strategy that was centered around cost cutting, brand as well as variety. It appealed to shoppers who wanted products under several categories at low prices.
- Mobilary Economy Expansion: The self explanatory, appropriate name made it possible for Big Lots to grow from its local geographical base into the entire country.
How the Change of Name Contributed to Big Lots’ Growth
Changing the brand was a tactical decision. With Big Lots, the company aspired to do the following:
- Gain a foothold in America: The name change allowed the company to be ready for the better market penetration.
- Enhance Internet Visibility: The name Big Lots was catchy and easy to advertise, hence enabled the company to achieve visibility in other new markets.
Since 2001, I believe Big Lots has a new image to carry.
The shift did not mean only making new Brand name in 2001, Big Lots further progressed. Its Prime Brand aim was to transition into modernized store formats, upgrade its product, along with adapting the overall buying experience for the customer.
Important Developments After the Change of Name
- Types of Stores: They began their expansion, building larger scale stores, which would sell not only furniture and home utilities but even electronics and groceries.
- Change in Product Lines: The strategy here was not to limit its expansion to core categories but reach out to new ones like seasonal, homly gears and even pet supplies.
Big Lots Marketing Plans Strategy
The Marketing for Reasons understandable took a drastic turn as Brand image underwent a change:
- Television Commercials:
Big Lotspromotional ads through television made it possible for centering a greater audience with advertising its discounts and the products it had. - Brand Collaborations: Being a Brand that was still growing, it increased its visibility by collaborating with other brands and selling exclusive collections also not selling through any other discounters.
At What Stage Is Big Lots Now?
So, Why Did Big Lots Change Their Name? Yes, they did. Such a change was for the best because now Big Lots is one of the largest discount retailers operating more than 1400 stores in the United States. There are other big-box stores and online retail though that poses a threat even with the recent success they have had in the market.
Key Developments
- Sales Through The Website: They are now able to sell merchandise through their own website enabling the customers to order for home delivery.
- Store Remake: Big Lots has been focusing on overhauling its stores for a better shopping experience ranging from walking in aesthetics to the eye ingrained modern fashion trends.
Business Environment of Big Lots
Yes there may be some achievements by Big Lots, however, there is a lot of competition that is always there to pose a big threat such as:
- Retail Frustrations: Several of retail chains such as Walmart, and Costco are a threat to anything and everything sold through Big Lots.
- Competitional Threats: Yes a bust economy and the economic behaviour of individuals may deter from doing business with Big Lots the same way they have with a variety of other businesses.
Conclusion about Big Lots
If the economy shifts upward Big Lots will look to implement further development on their brand positioning and marketing strategy modifying according to the changing consumers. Besides that, expansion with other countries might be the future goal but for now they are focused on the US market only.
- Brand Refinement: Big Lots will slowly fine-tune their brand recognition or work on new rebranding strategies in order to effectively operate and compete in the fast-changing landscape of retail.
Conclusion
Why did Big Lots change their name? Consolidated Stores Corporation changed its name to Big Lots in 2001 in a bid to restructure the consumer based distinct corporate identity which customer-friendly with their growth across the U S and value oriented business model.
The company has also made a lot of remarkable changes since they took the name Big Lots. value that had made a reputation of Consolidated Stores Corporation to its changed copy as per the dollar store systems,
What do you think about the changes that Big Lots have opted to undertake in their branding? Would you be kind enough to provide your thoughts and insights in the comments below!
