Solomon "Sol" Boscov was of Jewish descent. He emigrated from Russia to Reading, Pennsylvania, in 1911.[2] He had $1.37 in cash (equal to $46.23 today) on arrival in the United States.[2] He worked as a traveling salesman with an initial $8 worth of merchandise. Because he spoke Yiddish, he was able to converse with people in Berks County who spoke Pennsylvania Dutch.[2] Boscov's fortunes changed in 1914 when he opened the first Boscov's store at 9th and Pike streets in Reading.[3][4] A Pennsylvania Historical Marker commemorating Solomon Boscov stands at the site of the original store.[5]
Boscov's began expanding throughout suburban Reading in the 1960s, with Boscov's West in Sinking Spring opening in 1962 and Boscov's North at the Reading Fairgrounds in Muhlenberg Township in 1965.[citation needed] Boscov's East along 9th Street in Reading was destroyed by fire in February of 1967 and was replaced by a new Boscov's East in Exeter Township nine months later.[citation needed] Boscov's West was destroyed by fire in November of 1967 and reopened twelve months later.[6]
Boscov's opened its first location outside Pennsylvania at the Dover Mall in Dover, Delaware, in 1982.[6] Boscov's entered the Philadelphia market directly in the late 1980s by opening Ports of the World stores[11] which were re-branded as Boscov's in the 1990s.
In 1983, Boscov's leased the dormant Fowler's building in downtown Binghamton, New York; this store, with five retail floors, is the flagship of the Boscov's chain.[12]
In 2006, Albert Boscov retired and his nephew Kenneth Lakin became chairman and chief executive. Lakin led an aggressive expansion, opening ten new stores by 2008. Boscov's acquired these locations from Federated Department Stores following its merger with The May Department Stores Company.[6] The new stores opened just prior to the 2008 economic downturn and Boscov's filed for Chapter 11 bankruptcy.[14] Albert Boscov came out of retirement and regained control of the company. As part of the bankruptcy, the new stores were shuttered, although two were later reopened.[15] The company emerged from bankruptcy in September of 2009.[16]
Albert Boscov died from pancreatic cancer in 2017 at the age of 87.[17] The chain is now headed by his nephew, Jim Boscov.[18]
Boscov's continuing success makes it regarded as somewhat of an "outlier" because many department store retailers have been pulling back on brick-and-mortar formats. Boscov's saw record sales of $1.2 billion in 2017. Since 2009, the chain continues to expand and plans to continue to open one store per year while investing in existing stores by renovating them.[18] Their strategy typically involves taking over spaces previously occupied by JCPenney and Sears.
During the 1970s, Boscov's launched its "Friends Helping Friends" program, an annual fundraising event which raises $1 million per year for non-profit organizations.[22][23]
Jazz festival
Boscov's sponsors the annual "Boscov's Berks Jazz Fest" which draws an estimated 40,000 people to Reading each year.[24][25]
↑ Pennsylvania Historical and Museum Commission. "PHMC Historical Markers Search"(Searchable database). Commonwealth of Pennsylvania. Retrieved October 16, 2019.
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