BUSN 205 Belk Project (final).docx - Running Head A CLOSER LOOK AT BELK 1 A Closer Look at Belk(Organization Assessment Kenan Markum Carly Antolik and

BUSN 205 Belk Project (final).docx - Running Head A CLOSER...

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Running Head: A CLOSER LOOK AT BELK 1 A Closer Look at Belk (Organization Assessment) Kenan Markum, Carly Antolik, and Angelo Cabrera Lee University
A CLOSER LOOK AT BELK 2 Belk was founded in 1888 by William Henry Belk in Monroe, North Carolina. Before they settled on the name "Belk," it was first called "New York Racket" and then "Belk Brothers." Belk's first store was established with $750 in savings and a $500 loan. They opened with $3000 worth of goods taken on consignment. Belk had a slow beginning, as do most businesses, but as the years went on, they began to open more stores and eventually moved its headquarters to Charlotte, North Carolina in 1908. The company began investing in other local businesses and later sold to Sycamore partners- a private equity firm. Today Belk has over 300 stores in 16 states and is named the nation’s largest privately-owned department store. Belk’s slogan is “Modern. Southern. Style” which gives a glimpse into what kind of goods they sell. You can find anything from private fashion labels to everyday clothes, home goods, and cosmetics at affordable prices. The history of Belk’s rapid growth does not correspond to its recent status. Belk has a relatively slow growth which is strongly reflected in their financials. In the 2nd quarter of 2016, Belk had a -6.86% decline from $984.98 million to $917.43 million (CSIMarket). In the same year, it was recorded that their overall revenue was cut in half- it went from 3.12% to 1.12%. Despite their recent decline, they have had an 11.12% revenue growth. In the 2018 fiscal year, they recorded $3.6 billion in revenue with a -2.7% revenue change (Forbes). According to Tim Belk, the CEO, Belk, “plans to grow by executing current strategic initiatives with Sycamore, an across-the-board win for our stakeholders.” Another way they plan to move forward is by expanding their social media presence and web presence. This is especially beneficial for reaching younger generations. Financially Belk is stable but is in a slow decline.
A CLOSER LOOK AT BELK 3 We interviewed a student from Lee, Chmira, who worked at Belk to get further insight into the company and its management. It gave us a better understanding of what it's like to be employed at the department store. Chmira had a very positive experience working at Belk. He emphasized how well both his employer and coworkers treated him. Even though he was new, his boss put him in charge of new employees and assigned him to upper-level projects. This was highly empowering and one of the contributors to his satisfaction at Belk. Even though management did give him leadership, they made sure he was comfortable and ready for it. They trained him well, showed patience, and didn't assign him to anything outside of his abilities. One of the questions we asked was regarding Belk's training protocols. Chmira said that they do indeed have formal training. The training is on a per-position basis. This means that whenever they were moved to a different position or promoted, they'd get additional training. Another thing Chmira mentioned about Belk is that the longstanding employees are all older. There were

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