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Hobby Lobby – The Global Leader in the Arts and Craft Retail Industry
Hobby Lobby is the third largest arts and craft retailer in the world and privately owned operating in 47 states in the United States of America with over 700 stores. Hobby Lobby is arts and crafts stores primarily and in addition, it includes fabrics, wedding, floral supplies, hobbies, jewelry making, etc. The office, distribution, and manufacturing complex of this corporate headquartered in a 9.2 million square feet building in the Oklahoma City, U.S.A.
Hemispheres which offers the accessories and exclusive home furnishing from all over the globe is one of the affiliated companies of the corporate. The other affiliated companies include the “Mardel Christian and Education Supply” carrying Bibles, education, church, books and gifts supply and the homeschooling curriculum as well. Hobby Lobby has spread its business in the other countries, Shenzhen, Hong Kong, and China as well. This large chain is including more stores in its list each year since it started as a startup with$600 in 1970. It has been expanding its area of business and enabling the customers for more creative lives with its numerous products. The chain does not have Hobby Lobby franchise.
Its current market position
Hobby Lobby is a privately held company with its chain of retail crafts and art stores. There is no registration of Hobby Lobby investment property in the public stock market. It occupies the 106th rank in the list of America’s largest private companies among the other 223 private companies. The market value, sales, and profit of Hobby Lobby are increasing tremendously.
The steep rate of improvement might be the reason for its good ranking in the Forbes List. According to the list of America’s largest private companies, Hobby Lobby has achieved the 106th position with revenue of US$ 4 billion as of FY2015. Hobby Lobby had 32,000 satisfied employees in the year 2015 and it is employing, even more, each year. This company has all the potential to attain many splendid achievements in the days to come.
Its origin history
In 1972, the first store opened by David Green in the northwest Oklahoma City with the Hobby Lobby real estate of a 300 square foot area. It earned a retail sale of $3,200 starting from August until the year ended. Later in January 1973, David moved to a more vast area with 1,000 square-foot area. In 1975, it opened is second store. Another store of found its realms in Tulsa, Oklahoma just in the next year. By the mid of 1982, there were seven more stores of Hobby Lobby in Oklahoma only, and later in the year 1984, there was first Hobby Lobby store outside Oklahoma.
After these successive events, the Hobby Lobby properties kept on including new stores with each passing year. At the beginning of 1989, there were 15 stores in the chain. By the end of 1992, the chain had 50 stores in seven different states of America. There was no stop to the growth and development of the chain. By August 1995, the 100th store established and later after four years in August 1999, it had its 200th store. The status of some stores grew to 281 in 24 different states by the March 2002, and it was 310 by October of the year 2003. In the year 2015 in April the chain consisted of 600 stores all over the nation and it is based on 3,400,000 square foot complex.
How it works?
The chain still wants to seek the opportunities for the expansion of their business area even though it already is the largest chain known worldwide. The company is waiting for ideal properties for opening its stores with the lease term at a minimum of 10-15 years with planning to extend it to 20-40 years further more.
Hobby Lobby Properties For Sale Across the United States :
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Virgin Islands, Washington, West Virginia, Wisconsin, Wyoming