P.C. Richard, the New York metro area electronics and appliance chain, cut the ribbon on its 40th store yesterday morning after a two-week-long soft opening.
The 35,000-square-foot unit is the first in the borough of The Bronx for the 89-year-old family business, which continues to thrive in an increasingly competitive market. Indeed, the newest store, located at a rapidly expanding shopping plaza in New York's Co-Op City apartment complex, neighbors rival retailers Staples, The Wiz, RadioShack and Kmart. Other Richard units go toe-to-toe with national heavyweight Circuit City, while Best Buy is set to encroach on the chain's turf next year.
But CEO Gary Richard laughs off the incursions. "Five years ago we'd be talking about Incredible Universe, and three years ago we'd be talking about Circuit coming into the city," he said at the store opening ceremony. "Well, Incredible Universe is gone, and Circuit is here, and we're still doing fine."
Richard attributes much of his chain's success to its neighborhood feel and folksy, family-oriented culture, as evidenced by the Old New York charm of yesterday's festivities. On hand were P.C. Richard regulars Phil Rizzuto, former NY Jet Marty Lyons, the ragtag Dodgers Sym-Phoney Band and boxing great Jake "Raging Bull" LaMotta, who cut the ceremonial ribbon.
Richard summed up his strategy simply: "Having fun makes you number one."
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