The Newcomer: Savers
Savers, a well-known private equity-backed thrift store chain, has signed a lease on a 32,000-square-foot space at 9110 W. Broad St. in the Tuckernuck Plaza shopping center. The upcoming store will be the chain’s first foray into the Richmond region.
- Location: 9110 W. Broad St. in Tuckernuck Plaza shopping center
- Size: 32,000 square feet
- Anticipated Opening Date: Next February or March
The Owner: Savers Value Village Inc.
Savers Value Village Inc. is the parent company of Savers, which operates stores under several brand names, including Savers, Value Village, Unique, and 2nd Ave. The company is headquartered in Washington, D.C. and is the largest for-profit thrift store operator in the United States and Canada.
| Company Type: | For-profit thrift store operator |
| Headquarters: | Washington, D.C. |
| Number of Stores: | Nearly 330 stores in the United States, Canada, and Australia |
How it Works
Savers operates by collecting donations from the public, which it then sells in its stores. The company pays the charities for the goods and then resells them. In Virginia, Savers collects donations on behalf of local nonprofit organizations, such as the Lupus Foundation of America and the Military Order of the Purple Heart Service Foundation.
- Donations are collected on behalf of local nonprofit organizations
- The company pays the charities for the goods
- Items are resold in Savers stores
Expansion Plans
Savers is expanding into the Richmond region for the first time, with the new store located in western Henrico. The company has a presence in Northern Virginia, where it operates stores under the Savers and other brand names.
- First Richmond-area outpost
- Located in western Henrico
- Part of the company’s larger expansion plans
What to Expect
The Savers location on Broad Street will offer a wide range of second-hand clothing, accessories, and household goods. The store will be approximately 32,000 square feet in size, providing customers with a vast selection of items to browse.
The company’s goal is to provide customers with a unique shopping experience, offering a wide range of second-hand items at affordable prices.
Background
Savers has signed a lease on the 32,000-square-foot space at 9110 W. Broad St. in the Tuckernuck Plaza shopping center. The store will be located next to Value City Furniture and was previously occupied by Sam Ash Music, which closed its location last summer. Savers is a private equity-backed company, with Ares Management as its majority owner. The company operates stores under several brand names, including Savers, Value Village, Unique, and 2nd Ave.
Related News
Party City, a nearby retailer, closed its long-running store in late June. The news comes after Savers announced its expansion into the Richmond region.
- Party City closed its store in late June
- News of Savers’ arrival comes after Party City’s closure
Impact
Savers is anticipated to open next February or March, according to Melissa Lippe of Pennsylvania-based firm J.C. Bar. The company’s expansion into the Richmond region is expected to bring new opportunities for local businesses and shoppers.
Thrift store: A store that sells second-hand goods, such as clothing, accessories, and household items. Key Highlights:
* Savers is expanding into the Richmond region for the first time
* The new store will be located in western Henrico
* Savers operates stores under several brand names, including Savers, Value Village, Unique, and 2nd Ave
* The company collects donations on behalf of local nonprofit organizations and resells the items in its stores
* Savers is a private equity-backed company with Ares Management as its majority owner
Final Thoughts
Savers’ arrival in the Richmond region is expected to bring new opportunities for local businesses and shoppers. The company’s unique business model, which involves collecting donations and reselling items in its stores, is expected to be a hit with customers. As Savers continues to expand, it will be interesting to see how the company adapts to the changing retail landscape and what new opportunities it will bring to the region.
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