Peebles in Pulaski will soon become a Gordmans.
Peebles currently is displaying a “Store Closing Sale” sign outside its Pulaski location. However, a member of the store’s staff confirmed Monday the store is actually being converted to a Gordmans.
Peebles’ parent company, Stage Stores, announced in March it would convert nearly 100 of its stores into Gordmans – which is described as an off-price store.
According to the Business Dictionary website, off-price stores sell items at lower prices than those typically charged by retail businesses. Off-price stores typically purchase overstocked goods or goods that are at the low end of a demand cycle, such as seasonal goods, in order to lower expenses enough to sustain lower average prices.
The store conversion strategy came after Stage Stores acquired 48 stores and a distribution center from Gordman’s after that company filed for bankruptcy and decided to liquidate, according to the website Chain Store Age (CSA.com).
According to CSA, Stage Stores turned the acquired stores into “off-pricers” to successful results, prompting Stage to launch a strategy of converting several of its stores into the same off-price model.
That conversion strategy will now include the Pulaski store.
CSA said Stage Stores plans to convert more stores by mid-2020, giving it a total of about 300 converted stores.
Stage Stores currently operates over 700 Bealls, Goody’s, Palais Royal, Peebles and Stage specialty department stores as well as around 100 Gordmans locations.