Belfort plans fifth store
Clint Engel -- Furniture Today, June 21, 2004
Dulles, Va. — Dulles, Va.— Belfort Furniture plans to open a fifth store at its home furnishings complex here by early next year, a move that should push annual sales past $50 million.
The promotional to midpriced retailer, which acquired a shopping center here 10 years ago, will take over space currently leased by a health club. That will give it another 20,000 square feet of showroom space, in addition to 75,000 square feet in four other stores and a clearance center attached to its warehouse.
Owner and CEO Mike Huber said the company hasn't settled on a concept for the new store, but may step up to higher-end goods — compared to its midpriced 35,000-square-foot Belfort Galleries — or may show upscale direct imports developed as a private-label Belfort Signature line.
In addition to Belfort Galleries, the retailer operates a 21,000-square-foot, promotional Belfort Basics, a 5,000-square-foot Belfort Mattress, a 7,000-square-foot Belfort Motion store for motion upholstery and home theater furniture, and the clearance center — all on a 13.5-acre tract about 20 miles west of the White House.
The company is on track to do about $45 million this year, about $600 per square foot, up from about $40 million last year. Huber estimates the new showroom should add at least $10 million in annual sales. He hopes to have it open by Jan. 1.
