Hobby Lobby

Hobby Lobby

, and is formally called Hobby Lobby Creative Centers.

Founded by David Green on August 3, 1972, with a $600 loan from the bank, the chain has grown from one 700 square foot store to over 386 stores in 29 states as of August 2007, with projections to have over 450 stores by the end of 2009. The company has projected sales of close to $2 billion in 2008. As a private company, Hobby Lobby's profits are not disclosed. However, in interviews with Founder & CEO David Green, he states the stores are "very profitable." Many business valuation experts project the profits to be anywhere between $300 million - $400 million annually, or more.

Hobby Lobby headquarters are located in a 3.4 million square foot manufacturing, distribution and office complex.

Business practices

As of this time, stores do not use a barcode system and therefore rely on the hand pricing and ordering of items. On its web site, Hobby Lobby states that the high cost of the scanner system would hurt their ability to remain competitive in pricing. [cite web
title = Hobby Lobby Frequently Asked Questions
publisher = Hobby Lobby
url = http://www.hobbylobby.com/site3/help/faq.htm#q21
format =
doi =
accessdate = 2007-01-04
]

One way that Hobby Lobby maintains continuity among stores is by delivering the music via satellite from headquarters. This music blends light jazz, classical, bluegrass, and contemporary music styles (a large percentage of the chosen tunes are instrumental adaptations of traditional Christian hymns) into one single playlist which loops continuously. [cite web | title = Frequently Asked Questions
publisher = Hobby Lobby
url = http://www.hobbylobby.com/site3/store/music.cfm
format =
doi =
accessdate = 2007-01-04
]

Hobby Lobby locations have general operating hours from 9 a.m. to 8 p.m. Monday to Saturday. All locations are closed on Sunday, out of respect for the founder's Christian beliefs. [cite web | title = Hobby Lobby Frequently Asked Questions | publisher = Hobby Lobby | url = http://www.hobbylobby.com/site3/help/faq.htm#q21 | format = | doi = | accessdate = 2007-01-04 ]

Philanthropy

Hobby Lobby's founder donates extensively to his church and many other non-profit, Christian-based organizations, such as the Oklahoma City Rescue Mission, Light for the Lost, as well as numerous churches throughout the country. Mr. Green and his wife Barbara faithfully attend Capitol Hill Assembly of God Church in Oklahoma City, pastored by Glen Cranfield, the former CEO of the Oklahoma City Rescue Mission.

Green frequently buys vacant buildings (old Wal-Marts, businesses, etc.) and donates them to church-based organizations. He donates millions of dollars to Christian-based causes, such as kid's camps, inner city missions, etc. Green prefers to keep a low key in regards to his donations. It is rarely known when he donates and to whom it was to.

In latter 2007, the Green family announced a $70 million donation to the battered Oral Roberts University in Tulsa, OK, after it was announced that the ORU founder's son and University President, Richard Roberts, would resign following allegations of financial improprieties and declining donations. “ORU must restore its broken trust, its battered reputation and its beaten spirit. Now begins a time of healing,” said Green, whose family has no immediate ties to ORU but has supported religious universities in the past. Green made it clear the donation would be for the university, not the Oral Roberts Evangelistic Association.

However, the pledge from the Green family comes with a few strings attached.

The family made an initial $8 million gift initially, but Green said the remaining $62 million will be donated only if the university makes progress within the next three months addressing problems with its finances, leadership, pending lawsuits and governance.

Green said that includes changes to ORU’s board of regents, a panel that is made up largely of successful televangelists who are close to the Roberts family.

Affiliated companies

*Mardel - a Christian bookstore chain
*Hemispheres - a home furnishings company
*Crafts Etc! - a craft wholesaler and online retailer
*H.L. Construction - which handles the construction and renovation of Hobby Lobby stores
*Ethnographic Media - formerly Bearing Fruit Communications - an advertising agency
*Hong Kong Connection - Chinese sourcing and buying office

Hobby Lobby International

Hobby Lobby Creative Centers is not related to Hobby Lobby International, a chain of smaller stores specializing in radio controlled model aircraft. [ [http://www.hobby-lobby.com Hobby Lobby International] ]

References

External links

* [http://www.hobbylobby.com Hobby Lobby website]


Wikimedia Foundation. 2010.

Игры ⚽ Поможем написать реферат

Look at other dictionaries:

  • Hobby Lobby International — helicopters, boats and related products.The company was started in 1963 by James Martin and sold in 2003 to GenCap America and remains headquartered in Brentwood, Tennessee.References [http://www.nashvillecitypaper.com/news.php?viewStory=22256… …   Wikipedia

  • Charley Weaver's Hobby Lobby — Also known as Hobby Lobby, The Charley Weaver Show Genre Interview/variety Created by Allan Sherman Written by Cliff Arquette Harvey Bullock …   Wikipedia

  • Hobby store — A hobby store is a place dedicated to the selling of things that people usually employ for their personal satisfaction. Hobby stores were traditionally popular with men and children, but today many hobby stores today cater to women s interests… …   Wikipedia

  • Hobby Center for the Performing Arts — The Hobby Center for the Performing Arts is a theater in Houston, Texas, USA. Opened to the public in 2002, the theater is located downtown on the edge of the Houston Theater District. Hobby Center features 60 foot high glass walls with views of… …   Wikipedia

  • Super 8 Motel - Hobby Airport - Houston (Houston) — Super 8 Motel Hobby Airport Houston country: United States, city: Houston (Airport: Hobby) Super 8 Motel Hobby Airport Houston Super 8 Motel is located just 2 miles from the Hobby Airport. The Alameda Mall, University of Houston, Port of Houston… …   International hotels

  • La Quinta Inn Houston Hobby Airport #591 (Houston) — La Quinta Inn Houston Hobby Airport #591 country: United States, city: Houston (Airport: Hobby) La Quinta Inn Houston Hobby Airport #591 The La Quinta Inn Houston Hobby Airport is conveniently located less than two miles from the airport. The… …   International hotels

  • Mart Green — is the founder and CEO of Mardel Christian and Educational Supply and of Every Tribe Entertainment, and an heir to the Hobby Lobby family of companies which was founded by Mart s father David Green. Mart Green s chain of Christian stores, Mardel …   Wikipedia

  • The Shoppes at College Hills — Location Normal, Illinois, USA Opening date August 14, 1980 (1980 08 14) (Mall) August 17, 2005 (2005 08 17) (Shoppes) Owner Cullinan Properties No. of stores and ser …   Wikipedia

  • David Green (entrepreneur) — David Green (born November 13, 1941) is the founder of Hobby Lobby, an American chain of arts and crafts stores. In 2010, Green was listed as #136 on Forbes List of The 400 Richest Americans, with a net worth of $2.6 billion.[1] His story is… …   Wikipedia

  • Dave Elman — (1900–1967) is primarily known today as an author of a book on hypnosis.[1][2] Over the course of his life he was also well known as the creator and host of a popular radio show known as Hobby Lobby [3][4][5] …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”