HISTORY OF J&S APPLIANCE AND HOME FURNISHINGS
We had outgrown the available space by 1988, and began looking for larger retail space, something very hard to find in those days. Finally, in late 1989, we were privately informed that Greenburg Furniture was closing, and all or part of the building at 1442 Commercial St, would be available to us. We secured a portion of the retail space and most of the basement. We refinanced our home for $20,000 of the available equity, using the proceeds for equipment, office furniture, and remodeling. While Jim ran the business at the present location, Shela planned and renovated the new location, so as not to disrupt the flow of business to our customers.
We opened the store front on March 1, 1990, after moving our entire operation in 1 day. The storefront afforded us the visibility we lacked, and helped to establish us as a viable business, apart from Hildebrand Furniture. Our business increased 47% the first year at the new location, and continued to increase. General Electric began soliciting us to sell new appliances right away. We did not feel we had the retail space available to properly launch a line of new White Goods.
In late 1991, the business adjoining our, Marty's Hobbys, approached us regarding his desire to close his business, inquiring if we would be interested in assuming his lease. This would add approximately 1,500 sq ft of retail space, and 6,000 sq ft of warehouse space, on the second floor. We felt this would give us enough storefront retail space to add the new G.E. White Goods.
We made this expansion without the necessity of borrowing. As our customer base grew and our reputation solidified in the sale of new appliances, we began having customers inquiring on a regular bases as to when we planned to expand into furniture and bedding, so they could buy all of their home furnishings from us. While we were quite flattered that their trust in us went so deep, we assured them we had no intentions of expanding into an area in which we were so incapable. However, it seems that the seeds of growth were planted, and with parking becoming an ever growing problem, we periodically pondered, and discussed the move.
While we were contemplating, General Electric implemented a financial proposal for small dealers interested in expansion, or securing their own property. After much research, and searching for property, we submitted a proposal for a building in Warrenton. Our 5 year plan was to build the same square footage, constructing the building in such a way as to use half the building ourselves, and leasing out the other half. We secured a commitment from Nu-Way Carpet, who was looking for a larger, more viable space.