What: Boscov is the largest family-owned department store in the US, with $1b sales.

Why it is important: While many companies are busy trying to find new recipes to reinvent their business, some remain quiet, but know how to focus on their local customers.

Department stores have been in decline for three decades, with sales dropping 62% since 1992. Macy's and Kohl's have been hit hard by this trend, whereas Dillard's has bucked the trend with its value rising 1,500% since April 2020. This success is attributed to its family-run company status and traditional retail skills. However, even Dillard's has not been able to reverse the overall decline in department store shopping. In contrast, Boscov's, the largest family-owned and operated department store chain in the US, has been able to grow and prosper through careful and deliberate expansion, with one store opening per year.

The 49-large-stores company, which was founded in 1918, has a strong tradition of supporting local causes and non-profits and prides itself on providing old-fashioned retail, with the right products, price and people in place, in combination with a very careful expansion policy (1 new store opening per year).

When it comes to the ‘secret sauce’, it is all about a combination of select national brands, aiming to be ‘everything for the home and everyone in the family’. Pricing is sharp, and includes a 15% discount to veterans and active service members.

Boscov, the largest US family-owned department store, is growing sales