Belk is a department store chain founded in 1888 in Monroe, North Carolina, today
part of the Charlotte metropolitan area. After the founding of the first Belk
store, the company grew in size and influence throughout the South via numerous
partnerships and acquisitions over more than a century. The partnership-based
corporations, numbering more than 100, were consolidated in 1998 into a single
corporation based in Charlotte, North Carolina, where the company continues to
be based. Belk is currently the largest privately held department store chain in
the United States, with its stores primarily located in the Southern United States.
Founded
in 1888 by William Henry Belk, the store was first called
"New York Racket" and then "Belk Brothers," after William Belk made his brother,
John, a partner. The business grew steadily, relying on "bargain sales"
and advertising to grow the business. Today, the chain is still family-owned and
currently has more than 315 stores in 19 states, particularly in the Carolinas.
The southernmost Belk store is located in Fort Myers, Florida. In 2006, Belk
generated US$2.97 billion in sales and employed 17,900 people.
During
the fourth quarter of 2005, Belk completed the sale of their private label credit
card division, Belk National Bank, to GE MoneyBank. Consumers were issued
new Belk credit cards replacing the old ones issued by BNB. All new Belk cards
are now issued by GE Money Bank. |
