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Industry Retailers Make NRF Stores Hot 100

Stores, a publication of the National Retail Federation, has released its Stores Hot 100 list of the country’s fastest growing retailers – and several craft-related stores made the 2011 list. The list is ranked based on year to year sales growth from 2009 to 2010. All retailers with domestic U.S. sales of over $300 million were eligible.

Salt Lake City-based Overstock.com, an often overlooked player in the crafts retail market, landed in the number 10 spot on the list by posting 23.8% growth from 2009 to 2010. Stores attributes this to the growing portfolio of markets that company has expanded into, including travel (by selling discount hotel rooms). A ranking penalty incurred by the company from Google over accusations it manipulated Google results by embedding links in school websites in return for promised discounts has left Stores skeptical that Overstock can repeat those year-to-year growth results, however.

Both home shopping networks made the list. HSN ranked highest, coming in at number 44 with 9% year-over-year growth. Known for its promotion of lines like Cricut, Anna Griffin and Martha Stewart Crafts with custom created bundles during its on-air craft specials, HSN is definitely a force in the new model of retailing and their growth reflects that. Although nearly twice the size of HSN in total sales, home shopping network QVC was further down the list at number 85 due to experiencing a smaller (but still impressive) amount of year to year sales growth (5%).

Near the bottom of the Stores list we find two craft chain stores. First up is Jo-Ann Stores. That chain placed in 95th on the chart with 4.4% sales growth, on $2.079 billion in retail sales from 751 stores. The other craft chain on the list, Hobby Lobby, came in at number 96, also showing 4.4% sales growth in the surveyed period. Privately-held Hobby Lobby’s sales were reported as $2.093 billion, surpassing Jo-Ann Stores, and with only 497 store locations. Hobby Lobby’s growth numbers were undoubtedly helped by opening of new locations – it experienced store growth in the covered period of 5.7%, while Jo-Ann Stores only expanded their locations by 0.7%.

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Tornado Destroys Jo-Ann’s Store in Joplin, MO

The Joplin, MO store of Jo-Ann Fabric & Crafts was among the scores of businesses destroyed in the F5 tornado that swept through the heart of the city’s business district on Sunday evening, decimating the Joplin and killing at least 125 people.

The Jo-Ann’s store, located in a strip mall on Rangeline Road, was open for business at the time of tornado, and there were both staff and customers inside the store according to a Jo-Ann Stores spokesperson. There were no fatalities at the store, but the store itself was described by the company as destroyed.

As heavily damaged as this shopping center was, the area around it is largely completely leveled. Piles of debris mark the former locations of restaurants and shops lining the business strip. The video below can help give some grasp of the massive scale of the destruction in that area of Joplin. The Jo-Ann’s is the large store in the middle of the strip mall that appears across the street near the end of the video. Continue Reading →

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Hobby Lobby Founder on Forbes Billionaire List

Many thanks to Mike Hartnett of CLN Online for sharing the following information with Scrapbook Update:

David Green, the CEO/Founder of Hobby Lobby, made the recently published annual list of Forbes World Billionaires. Green estimated worth came in at $3 billion, which put him tied for 316th with the likes of Steven Spielberg. The retail magnate placed higher than such legendary tycoons as Mark Cuban, Oprah Winfrey, and Donald Trump on the list.

Hobby Lobby has also been in the news for opening an employee health clinic at its Oklahoma City headquarters, another example of the sort of initiative that leads to its low employee turnover rates. Employees in the company’s health plan will receive free health care at the clinic, while other full-time employees will pay only $30 for an office visit.


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