Tweeter Opening New Store, Testing Prototype
by Alan Wolf -- TWICE, 3/19/2008
Canton, Mass. — Tweeter Opco, formerly Tweeter Newco, is opening its first new store since its acquisition last summer by Schultze Asset Management, and will test a new store format in Boston.
The new store, set to open in early April, will be a 6,000-square-foot “Playground” showroom in Chicago’s Lincoln Park district. The Playground format showcases A/V products and whole-house systems within home-like vignettes, and has been “way outperforming” older stores on a range of performance metrics, Tweeter president/CEO George Granoff told TWICE.
The Lincoln Park location will be Tweeter’s sixth such showroom, and replaces within the Chicago market a mall-based store overlooking Michigan Avenue whose lease was rejected.
The new prototype store, slated to open for testing in mid-April, is a retrofit of an existing Tweeter location near company headquarters in Boston. “It’s quite a step forward,” Granoff said.
Granoff noted that the cost of remodeling existing stores is comparable to that of opening new ones. “Converting a store to the new format costs $800,000,” he said, “and I don’t have $75 million.”
The company currently operates 95 locations around the country.
Granoff, a former president/COO of the Ames and Bradlees discount chains, said Tweeter had been keeping a low profile while he learned the lay of the land. He succeeded Joe McGuire last August following the company’s acquisition by Schultze, a Purchase, N.Y.-based investment group, for $38 million in a bankruptcy auction.
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Ok, negative people. So, if you are so unhappy with this company then why DO YOU CONTINUE TO TALK BADLY ABOUT IT AND RUIN IT FOR THOSE OF US STILL HERE???
Sandy, don't like the new concept plan (which has had great traffic and numbers BTW)? Ok, what would you do instead. Please, I honestly want to know.
Concerned - 2008-24-4 23:04:00 EDT -
So Granoff's experience in turning around distressed companies was gained by being a senior member of management at TWO companies that went bankrupt and are no longer in business? And what happend to that art supply company that he owned? Yep, that one's gone too. The solution to better business is to rearrange the displays and spend $800,000 to fancy up underperforming stores? Makes total sense. . .absolutely. . .where do I sign?
Sandy still owes me $11,000 - 2008-14-4 00:32:00 EDT -
Hey concerned > Everything you said has been said for the last 6 plus years I was there. Problem is no one listens because the team in Canton all know what is best or at least what is best for them. You are kidding yourself if you think any of them care 2 cents about you or anyone out side of their 4 walls. When the ax comes your way , you will see. In fact you will be lucky you even get notice. Maybe the doors are locked on your store, maybe they will just cut off your e-mail. Sounds funny until it happens to you -
Beenlieto - 2008-27-3 20:04:00 EDT -
Hey concerned, I am concerned about you. You don't get it. You are writing all these inspiring notes but go back and read them, you are predicting your own future. You keep talking about what NEEDS to be done, and IF we do this THEN we will succeed. DUH ... That is why the destiny of Tweeter has already been written. It is too late to turn things around and the current and past management team make decisions based on strategies that are ten years old. MOVE ON .. and not to Circuit City. Standard and Poor predicts they are the next to go.
Juan Toothree - 2008-26-3 10:35:00 EDT -
... (Twice keeps cutting my post)
On a final note I personally believe that Tweeter can turn it all around but it is going to take a lot of hard work and a lot of change that not everyone is going to want to make. Corporate has to listen to the needs of the stores more as they are the front lines and their sales pay the salaries. Marketing really has to get it in gear and drive people to the stores. I mean, REALLY. Soon... And sales and store staff, please listsn closely, LIFT YOUR HEADS UP!! Treat everyone, and I do mean every last soul, that walks through that door like gold. Even if you think that they wil never buy something from you today they may be your next 20K sale tomorrow.
Concerned - 2008-26-3 08:56:00 EDT
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