Circuit City and Radio Shack were the big names in gadget stores of the 80s and 90s. And while they both rose to the top of the mass electronics field, neither could keep it up forever. Circuit City abruptly went bankrupt in 2008, due to the inception of the financial crisis and changing customer demands.
This past October, New York retail executive Ronny Shmoel bought Circuit City from Systemax, and named himself CEO. Now he's aiming to bring back the once super brand. According to Mashable, Shmoel believes that Circuit City has shed some of its negative image by staying out of the spotlight, and that the brand is still very recognizable to people ages 25 to 35. (He himself is "on the cusp of being a millennial" at age 38.)
Building an Online Presence
Shmoel plans to reintroduce physical Circuit City stores, but he also wants to build a significant online existence. Part of his plan to do so means changing the product line and focus. The new emphasis will be on items in gaming, wearable devices, 3D printers, and tablets, among other gadgets.
Additionally, the brick-and-mortar stores will not be the large electronics entities from the glory days — they will be much smaller to ensure they are more easily managed.
Part of Broad Push to Revitalize Retail
Shmoel also states he wants to revive retail in general. He notes that the retail we were familiar with has declined in the last five to seven years, but champions a modern retail, one "infused with the omni-channel of online."
Readers, are you excited for a new and improved Circuit City? Will you be shopping in the stores or online? Or do you think it's too little, too late? Sound off below!