June 16, 2004
Service Merchandise Opens Online
Service Merchandise, a former player in the jewelry business, is reinventing itself as an online retailer at www.servicemerchandise.com. "Service Merchandise has a heritage and tradition of innovation and creativity in the retailing world, all of which gives consumers and our vendor partners a sense of comfort," says Raymond Zimmerman, one of the founders of Service Merchandise, and now the company's chairman. Service Merchandise is headquartered in Boca Raton, FL.
In its heyday, Service had 413 stores and $4 billion in revenue. It tried online retailing in the late 1990s, during its last incarnation. Citing the steady growth of online sales in the past year, it's ready to try again. The online store's main category will be jewelry, but it will also sell home and garden products, toys and small appliances.
The company says it created a business model allowing manufacturers and other vendors to act as business partners with Service Merchandise without a huge financial commitment. It says many of its partner vendors are offering their products to the online market for the first time.
"EBay revolutionized how consumers shop online, Service Merchandise is revolutionizing the way vendors are able to offer their products online," says Yuval Moed, president and CEO.