Witmark
Encyclopedia
Witmark was a catalog showroom and jewelry/electronics
chain that operated in West Michigan from 1969 to 1997. The chain was founded by Paul Leven.
Over its nearly 30 year history, Witmark dominated the jewelry market with an average of a 34% market share. The organization made it a point to cement close ties with the communities the stores served.
By the early 1990s, Witmark's earnings began to decrease due to continued involvement in unprofitable categories outside of jewelry. Big box stores such as Best Buy
, Circuit City, Toys "R" Us, Dick's Sporting Goods
, and MC Sports
captured the electronics, toy
, and sports markets respectively and more effectively than Witmark could.
In 1996, Witmark experienced its fourth consecutive year of declining sales and earnings, and the company announced changes to its operating strategy. Unfortunately, vast barriers—such as long-term leases on real estate—limited the company's ability to adapt to the changing business climate. The following year, Witmark liquidated its assets and laid off its 700+ employees. Like the larger national chains of catalog showrooms (such as Best Merchandising), the retail concept collapsed in the late 1990s due to overwhelming competition from big box stores and Internet shopping.
Electronics
Electronics is the branch of science, engineering and technology that deals with electrical circuits involving active electrical components such as vacuum tubes, transistors, diodes and integrated circuits, and associated passive interconnection technologies...
chain that operated in West Michigan from 1969 to 1997. The chain was founded by Paul Leven.
Over its nearly 30 year history, Witmark dominated the jewelry market with an average of a 34% market share. The organization made it a point to cement close ties with the communities the stores served.
By the early 1990s, Witmark's earnings began to decrease due to continued involvement in unprofitable categories outside of jewelry. Big box stores such as Best Buy
Best Buy
Best Buy Co., Inc. is an American specialty retailer of consumer electronics in the United States, accounting for 19% of the market. It also operates in Mexico, Canada & China. The company's subsidiaries include Geek Squad, CinemaNow, Magnolia Audio Video, Pacific Sales, and, in Canada operates...
, Circuit City, Toys "R" Us, Dick's Sporting Goods
Dick's Sporting Goods
Dick's Sporting Goods, Inc. , or Dick's, is a Fortune 500 American corporation in the sporting goods and retail industries.The company's headquarters are on the grounds of Pittsburgh International Airport in Findlay Township near Pittsburgh, Pennsylvania. Dick's has 451 stores in 42 states as of...
, and MC Sports
Mc Sports
MC Sports is an American retail sporting goods chain. The company strongly believes in something they call "T.O.C.S" Truly Outstanding Customer Service, this is very apparent the moment you step into the store. MC Sports was founded in Grand Rapids, Michigan in 1946...
captured the electronics, toy
Toy
A toy is any object that can be used for play. Toys are associated commonly with children and pets. Playing with toys is often thought to be an enjoyable means of training the young for life in human society. Different materials are used to make toys enjoyable and cuddly to both young and old...
, and sports markets respectively and more effectively than Witmark could.
In 1996, Witmark experienced its fourth consecutive year of declining sales and earnings, and the company announced changes to its operating strategy. Unfortunately, vast barriers—such as long-term leases on real estate—limited the company's ability to adapt to the changing business climate. The following year, Witmark liquidated its assets and laid off its 700+ employees. Like the larger national chains of catalog showrooms (such as Best Merchandising), the retail concept collapsed in the late 1990s due to overwhelming competition from big box stores and Internet shopping.