The Container Store

Last updated

The Container Store Group, Inc.
Company type Public
NYSE:  TCS
Industry Retail
FoundedJuly 1978;46 years ago (July 1978) in Dallas, Texas, U.S.
Founders
  • John W. Mullen III
  • Garrett Boone
  • Kip Tindell
Headquarters Coppell, Texas, U.S.
Number of locations
102 (2024) [1]
Key people
Satish Malhotra (CEO)
RevenueDecrease2.svg US$848 million (2023) [1]
Increase Negative.svg US$−105 million (2023) [1]
Increase Negative.svg US$−103 million (2023) [1]
Total assets Decrease2.svg US$936 million (2023) [1]
Total equity Decrease2.svg US$160 million (2023) [1]
Owner Leonard Green & Partners
Number of employees
4,300 (2024) [1]
Website containerstore.com

The Container Store Group, Inc. is an American specialty retail chain which offers storage and organization products, and custom closets.

Contents

History

The Container Store was founded in Dallas by Garrett Boone and John Mullen. With the backing of their families, they inaugurated the first The Container Store on July 1, 1978. The store introduced a new retailing category: home storage and organization. [2] [3] Kip Tindell and his wife joined the founding team the next year.

In 1982, the company switched to a computerized management system, which almost drove the company to the ground. The Houston store opening in 1988 marked the start of the company's booming sales. [4] It opened its first location out of Texas in 1991 in Atlanta, Georgia, [5] its first NY store in 2000, [6] and its first LA store in 2006. [7] In 1999, The Container Store bought one of its main suppliers, Elfa International, a Swedish corporation that specialized in shelving and storage units. [8]

The founders hired by the dozen but realized they also needed a strong company culture to maintain the spirit and attractiveness of their stores. [4] The company started giving 235 hours of training time to its new salespeople, ten times the industry average. [9] By the early 2000s, The Container Store had became a regular recipient of the Best Company to Work For in America award delivered by Fortune . [4] [10]

In July 2007, The Container Store sold a majority stake of the company to the private equity firm based in Los Angeles Leonard Green & Partners. [11] [12] [13] Following the deal, The Container Store announced plans to open 29 more stores in the next five years. [13] In 2013, the retailer was one of the hottest IPOs of 2013. However, according to Forbes , "the Container Store is a far cry from the 300 store potential investors were promised in the IPO." Since 2013, only 30 stores were added, or about 5 per year. The Container Store has not kept its promise to investors "to be the category killer of storage containers and home organization." [14]

In 2016, Kip Tindell stepped down as CEO and was replaced by Melissa Reiff. In 2021, Satish Malhotra replaced Melissa Reiff as CEO and president of the company. [15] That year, the company reached the billion-dollar mark in revenue for the first time in its history [16] and acquired Closet Works for $21.5 million. [17] In 2024, Beyond Inc. (formerly Overstock Inc., owner of Bed Bath & Beyond since 2023) invested $40 million in The Container Store in a deal where Bed Bath & Beyond showcase spaces were to be integrated in The Container Store, marking Bed Bath & Beyond's return to physical stores. [18] [16]

Growth

The Container Store in Pasadena, California ContainerStore.jpg
The Container Store in Pasadena, California
YearStoresRevenue

(in million dollars)

199818 [19]
200433 [20]
200638 [7]
201680 [21]
20211 000 [16]
2023848 [16]
2024102 [16]

Governance

CEOs

Related Research Articles

<span class="mw-page-title-main">Blockbuster (retailer)</span> American video rental corporation

Blockbuster is a video rental store in Bend, Oregon and former American multimedia brand. The business was founded by David Cook in 1985 as a single home video rental shop, but later became a public store chain featuring video game rentals, DVD-by-mail, streaming, video on demand, and cinema theater. The company expanded internationally throughout the 1990s. At its peak in 2004, Blockbuster employed 84,300 people worldwide and operated 9,094 stores.

<span class="mw-page-title-main">Best Buy</span> American multinational consumer electronics retailer

Best Buy Co., Inc. is an American multinational consumer electronics retailer headquartered in Richfield, Minnesota. Originally founded by Richard M. Schulze and James Wheeler in 1966 as an audio specialty store called Sound of Music, it was rebranded under its current name with an emphasis on consumer electronics in 1983.

<span class="mw-page-title-main">Toys "R" Us</span> American international toy, clothing and baby product retailer

Toys "R" Us is an American toy, clothing, and baby product retailer owned by Tru Kids and various others. The company was founded in 1948; its first store was built in April 1948, with its headquarters located in Parsippany-Troy Hills, New Jersey, in the New York metropolitan area.

<span class="mw-page-title-main">Bed Bath & Beyond</span> Former American houseware big-box retailer (1971–2023)

Bed Bath & Beyond was an American big-box retail chain specializing in housewares, furniture, and specialty items. Headquartered in Union, New Jersey, the chain operated stores in the United States and Canada, and was once counted among the Fortune 500 and the Forbes Global 2000. The chain filed for Chapter 11 bankruptcy in April 2023 and liquidated all of its remaining stores, with the last closing on July 30, 2023. Following the retail chain's liquidation, its name was adopted by online retailer Overstock.com, which acquired the company's trademarks in a bankruptcy auction. The name is also still used by the chain's former Mexican division, which is now independent.

<span class="mw-page-title-main">Bath & Body Works, Inc.</span> American retail company

Bath & Body Works, Inc. is an American specialty retail company based in Columbus, Ohio. It owns Bath & Body Works, posted $7.4 billion in revenue in 2023, and was listed as 481 on the 2024 Fortune 500 list of largest United States companies by revenue.

<span class="mw-page-title-main">Sam's Club</span> American membership-only warehouse club chain

Sam's West, Inc. is an American chain of membership-only warehouse club retail stores owned and operated by Walmart Inc., founded in 1983 and named after Walmart founder Sam Walton as Sam's Wholesale Club. As of January 31, 2019, Sam's Club ranks second in sales volume among warehouse clubs with $84.3 billion in sales, behind its main rival Costco Wholesale.

<span class="mw-page-title-main">Pier 1 Imports</span> American online retailer

Pier 1 Imports, Inc., is an online retailer and former Fort Worth, Texas-based retail chain specializing in imported home furnishings and decor, particularly furniture, table-top items, decorative accessories, and seasonal decor. It was publicly traded on the New York Stock Exchange under ticker PIR. In January 2020, Pier 1 had over 1,000 physical stores throughout the United States and Canada. Pier 1 filed for Chapter 11 bankruptcy protection on February 17, 2020, and on May 19, 2020, announced it was asking the bankruptcy court to close all stores, due in large part to the COVID-19 pandemic.

<span class="mw-page-title-main">Williams-Sonoma, Inc.</span> American kitchenware and home furnishings company

Williams-Sonoma, Inc. is an American publicly traded consumer retail company that sells kitchenware and home furnishings. It is headquartered in San Francisco, California, United States. The company has 625 brick and mortar stores and distributes to more than 60 countries, with brands including Williams Sonoma, Williams Sonoma Home, Pottery Barn, Pottery Barn Kids, PBteen, West Elm, Mark and Graham, and Rejuvenation. Williams-Sonoma, Inc. also operates through eight corresponding websites and a gift registry.

<span class="mw-page-title-main">TJX Companies</span> American department store corporation

The TJX Companies, Inc. is an American multinational off-price department store corporation, headquartered in Framingham, Massachusetts. It was formed as a subsidiary of Zayre Corp. in 1987, and became the legal successor to Zayre Corp. following a company reorganization in 1989.

<span class="mw-page-title-main">Dick's Sporting Goods</span> American sporting goods retailing corporation

Dick's Sporting Goods, Inc. is an American chain of sporting goods stores founded in 1948 by Richard "Dick" Stack. It is the largest sporting goods retailer in the United States and is listed on the Fortune 500.

Beyond, Inc. is an American online retailer headquartered in Midvale, Utah. Previously known as Overstock.com, Inc., the company acquired and adopted the name of bankrupt big-box retailer Bed Bath & Beyond in 2023. The company sells home decor, furniture, bedding, and many other goods that are closeout merchandise.

<span class="mw-page-title-main">Ross Stores</span> American discount department store chain

Ross Stores, Inc., operating under the brand name Ross Dress for Less, is an American chain of discount department stores headquartered in Dublin, California. It is the largest off-price retailer in the U.S.; as of July 2024, Ross operates 1,795 stores in 43 U.S. states, Washington, D.C. and Guam, covering much of the country, but with no presence in New England, Alaska, and areas of the Midwest. The company also operates DD's Discounts, a discount department store chain with over 353 locations across the United States, most of which are located in Sun Belt states.

<span class="mw-page-title-main">Build-A-Bear Workshop</span> American retail company

Build-A-Bear Workshop, Inc. is an American retailer headquartered in St. Louis, Missouri that sells teddy bears, stuffed animals, and characters. During store visits, customers go through an interactive process where the stuffed animal of their choice is assembled and tailored to their own preferences including varying scents, sounds, looks, and outfits. Build-A-Bear Workshop is the largest chain that operates in this style. The company's slogan was "Where Best Friends Are Made" from 1997–2013 when it was changed to "The Most Fun You'll Ever Make." As of April 2019, the company's president/CEO is Sharon Price John.

<span class="mw-page-title-main">Jo-Ann Stores</span> US arts and crafts retail chain

Jo-Ann Stores, LLC, more commonly known as Jo-Ann, is an American fabric and crafts retail company based in Hudson, Ohio. It operates the retail chains JOANN Fabrics and Crafts and Jo-Ann Etc.

<span class="mw-page-title-main">Christmas Tree Shops</span> American chain of specialty retail stores

Christmas Tree Shops was an American chain of big-box specialty retail stores, headquartered in Middleborough, Massachusetts. At its peak, the chain operated 72 stores in 20 U.S. states, primarily in the Northeast. The company filed for bankruptcy in 2023 and closed all of its stores by August 12, 2023, officially ending its 53-year legacy.

Storables is a specialty retail chain that carries a variety of products aimed at helping consumers organize their homes and work spaces in the West Coast of the United States. Its products are categorized into departments including Audio, Baskets, Bath, Closets, Furniture, Kids, Kitchen, Laundry, Novelty, Office, and Utility. The company's motto is "Make Room for Living."

Hold Everything was a specialty retail chain in the United States that sold home organization and storage solutions. Its parent company, Williams-Sonoma, Inc., closed the chain's 11 existing stores in 2006.

<span class="mw-page-title-main">The Andersons</span> American agricultural business

The Andersons, Inc. is an American agribusiness established in 1947, that began as Andersons Truck Terminal (ATT) in the 1940s for the grain industry, headquartered in Maumee, Ohio. It is a diversified company rooted in agriculture that conducts business in the commodity merchandising, renewables, and plant nutrient sectors.

<span class="mw-page-title-main">Five Below</span> American specialty discount store chain

Five Below, Inc. is an American chain of specialty discount stores that prices most of its products at $5 or less, plus a smaller assortment of products priced up to $25. Founded in 2002 by Tom Vellios and David Schlessinger and headquartered in Philadelphia, Pennsylvania, the chain is aimed at tweens and teens. There are over 1,700 stores located across the United States.

<span class="mw-page-title-main">John Antioco</span> American businessman

John Antioco is an American businessman, an 8-time CEO for iconic American brands including Circle K, Taco Bell, Blockbuster Video, TGI Fridays and PF Chang’s. He is now chairman of the board of directors at BRIX Holdings LLC and the Managing Partner of JAMCO Interests LLC.

References

  1. 1 2 3 4 5 6 7 "Form 10-K for fiscal year ended March 30, 2024". U.S. Securities and Exchange Commission. May 28, 2024.
  2. ↑ Hoover's Inc. fact sheet on The Container Store
  3. ↑ "Container Store's workers huddle up to help you out". USA Today . April 29, 2002. Retrieved October 26, 2009.
  4. 1 2 3 Kline, By Laurie (July 1, 2001). "Street Talk : The Secret of their Success". D Magazine. Retrieved November 7, 2024.
  5. ↑ "Getting it together in vogue in the '90s". The Atlanta Journal-Constitution . March 23, 1991. Retrieved October 27, 2009.
  6. ↑ Beller, Peter (September 24, 2000). "The Container Store Opens Its First New York Site". The New York Times . Retrieved October 26, 2009.
  7. 1 2 "Container Store finds right box in Denver". Rocky Mountain News . October 10, 2006. Archived from the original on July 24, 2008. Retrieved September 27, 2019.
  8. ↑ Howell, Arnesa A. (June 5, 2007). "Lessons from a colossal cleanup". CNNMoney.com. Archived from the original on November 7, 2014. Retrieved September 27, 2019.
  9. ↑ Harnish, Verne (December 1, 2002). "The X Factor TO BUILD A BUSINESS THAT DOMINATES, YOU NEED TO DISCOVER AN EDGE THAT PUTS YOUR COMPANY WAY AHEAD OF ITS COMPETITORS". money.cnn.com. Retrieved November 7, 2024.
  10. ↑ "The Container Store". NPR. December 18, 2000. Retrieved November 7, 2024.
  11. ↑ "Container Store put on market: Retailer wants to use equity but preserve workplace culture," The Dallas Morning News/KRT, February 17, 2007 [ dead link ]
  12. ↑ "Container Store Agrees to Partner with Leonard Green". The New York Times . July 3, 2007. Retrieved October 26, 2009.
  13. 1 2 "Container Store says expansion plan on track". The Dallas Morning News . March 7, 2008. Retrieved October 26, 2009.
  14. ↑ Verdon, Joan. "The Container Store Needs To Do A Better Job Of Thinking Outside The Box". Forbes. Retrieved March 23, 2020.
  15. 1 2 "The Container Store Group, Inc. Announces Plan for CEO Succession; Satish Malhotra to be Appointed CEO and President Effective February 1, 2021".
  16. 1 2 3 4 5 Parton, Mitchell (October 22, 2024). "'An act of desperation': Why The Container Store needed a lifeline from Beyond Inc". Modern Retail. Retrieved November 7, 2024.
  17. ↑ Jansen, Caroline (January 4, 2002). "The Container Store acquires Closet Works for $21.5M". Retail Dive. Retrieved November 7, 2024.
  18. ↑ Delesline III, Nate (October 16, 2024). "Beyond to invest $40M in The Container Store". Retail Dive. Retrieved November 7, 2024.
  19. ↑ Hays, Constance L. (December 23, 1998). "Service Takes a Holiday; These Days the Customer Isn't Always Treated Right". The New York Times . Retrieved October 26, 2009.
  20. ↑ Powers, Vicki (November 1, 2004). "Finding Workers Who Fit". CNNMoney.com. Archived from the original on October 17, 2015. Retrieved September 27, 2019.
  21. ↑ "Store Locations". The Container Store. Retrieved May 20, 2016.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.