well here are some old posts about Hastings I put on another thread because this was so dead,but as I am getting close to buying into HAST
I best transfer this info--this is an excellent article for those learning about Hastings--Junkyardawg (15706 )
From: max90
Sunday, Mar 7 1999 4:12PM ET
Reply # of 31659
Yet ANOTHER really like this one really gives the history of the company and it's
CEO--would post on HAST thread but it seems dead that
thread
Article 12 of 200
Retail entreprenuers of the year: John Marmaduke
12/01/98
Chain Store Age Executive with Shopping Center Age
Page 104
Copyright UMI Company 1998. All Rights Reserved. Copyright
Lebhar-Friedman, Inc. Dec 1998
John Marmaduke was "thisclose" to being part of the world's largest
retailer.
Actually, he was "thisclose," back in 1991 when his company, Hastings
Entertainment, was acquired by Wal-Mart. The company was again sold
in 1993 to Anderson Merchandisers and later spun off into a freestanding
entity. Hastings completed its initial public offering last spring.
The chairman and CEO of Amarillo, Texasbased Hastings
Entertainment has turned what was started by his father in 1968 as a
small chain of book and music stores into a leading multimedia retailer
selling books, music, software, periodicals and video tapes.
The chain is the largest retailer of its kind in the Southwest.
Marmaduke joined his father's company in 1972 as president. He began
acquiring more than a dozen smaller music stores and within 10 years led
the fourthlargest mallbased music chain in the nation.
In his early years, Marmaduke focused on small markets with shelves
filled with books and music. But as the company grew, he acknowledged
the need for more merchandise and more space.
Hastings was about to become a superstore retailer. And Marmaduke
was about to become its superstar.
The company sold off its small mall properties in 1993 and 1994 and
began to focus all energy on developing a chain of entertainment
superstores-average size around 21,000 sq. ft.
"The concept really grew organically as customers responded to larger
offerings," says Marmaduke.
Today Hastings operates 128 superstores. The chain expects to open
60 stores in the next three years for a total of about 170 units in operation
by the end of fiscal 2000.
Marmaduke gives three reasons for his success:
* He believes he has a superior concept which other retailers have failed
to mimic. The company has added videotape sales and rentals and
complementary product categories to its merchandise menu as needed.
Stores sell 44,000 book, 27,000 music, 1,500 software, 2,000
periodical and 6,000 videotape SKUs.
* He says his chain performs best in underserved small and medium-sized
markets with populations ranging from 25,000 to 150,000. These
markets are usually ignored by existing book, music, software or video
stores with competition generally limited to locallyowned specialty stores
or single-concept retailers.
* He takes pride in his execution and operations performance. Hastings
spent years developing a $13 million IS system which Marmaduke says
accurately predicts store needs and responds instantly, thereby reducing
overstock and overhead.
Marmaduke, an avid skier and fly fisherman, says one of his greatest
challenges over the last several years has been designing his company's
infrastructure. Putting together a 350-person infrastructure for a
$350-plus million chain doesn't come easy, he says.
Hastings ' operations and systems had previously been handled for many
years by its former parent companies.
During the past five years, revenues have increased at a 13% compound
annual growth rate, rising from $218 million in fiscal 1993 to $358 million
in fiscal 1997. Same-store sales for fiscal 1995, 1996 and 1997 rose
4%, 6% and 7%, respectively.
And if Marmaduke has anything to say about it, this is just the tip of the
iceberg for his chain. He's already identified more than 500 underserved
markets as potential store sites.
---
Headquarters: Amarillo, Texas Type of business: 128 entertainment
superstores
1997 sales: $357.7 million
1997 profits: $8.6 million
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