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- Using personal savings and $3000 worth of goods taken from another bankrupt store on consignment, he opened his doors. In less than a year he paid off his debts with interest and made a profit. He achieved great success by offering inexpensive goods for cash, instead of the prevalent credit system of his time.
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With $750 he had saved, $500 borrowed at 10 percent interest, and $3,000 worth of merchandise for which he traded, Belk opened a store in Monroe on 29 May 1888. He called his store the "New York Racket," liking the name because it "sounded big."
Belk, Inc. is an American department store chain founded in 1888 by William Henry Belk in Monroe, North Carolina, with nearly 300 locations in 16 states. Belk stores and Belk.com offer apparel, shoes, accessories, cosmetics, home furnishings, and a wedding registry.
Starting from a small dry goods store in Monroe, North Carolina, William Henry Belk opened retail stores in Charlotte and other communities across the southeastern United States from the end of the nineteenth century through the mid twentieth century.
1888: William Henry Belk opens a discount store in Monroe, North Carolina. 1891: Belk Brothers Company is formed, and John Belk becomes a partner. 1910: The chain's sales approach $1 million. 1921: Leggett brothers begin opening stores in partnership with the Belks. 1940: Belk Buying Service is established.
Twenty-six year old William Henry Belk had started the store with some savings, a loan and about $3,000 worth of goods taken on consignment from a bankrupt store. In seven months, Belk had paid off his debts and netted a $3,300 profit.
May 1, 2010 · After the end of the Civil War, country and general stores became popular in the South, and in 1874, William Henry Belk began working in a dry goods store in Monroe, NC. Henry Belk, as he was called, was only twelve years old when he started.
