Richer Sounds
Encyclopedia
Richer Sounds is a British
home entertainment retailer that operates online and through a chain of 51 stores distributed across the United Kingdom. The business is 100% owned by Julian Richer
, the founder and managing director of the company.
Richer Sounds formally began trading in 1978, when, aged 19, he opened his first shop near London Bridge
, with the help of the latnbnne Vic Odden, the photography retailer. For over 20 years this store has been featured in the Guinness Book of Records for the highest sales per square foot of any retail outlet in the world.
Richer Sounds was initially known for selling budget audio equipment in a ‘pile it high and sell it cheap’ fashion, but in recent years it has moved upmarket, and expanded its range from just audio products to encompass television and home cinema equipment. An installation service has also been developed.
In 2007/8 the company launched ranges of audiophile
hi-fi, multi-room and high-end home cinema separates, with some stores providing demonstration rooms for customers. The company also instituted a corporate rebrand, redesigning their logo and literature and instituting a programme of facelifts, expansions and relocations of their stores.
Their stated aim is to beat competitors' prices, including those on the internet, subject to their 'pricebeat' policy. Their shops tend to have a simple layout and are generally located be on the edge of main shopping areas in order to keep costs down.
Richer Sounds involves its employees in bettering the company through its suggestion scheme and is successful in receiving suggestions from employees. This may have prompted other businesses to emulate its business model, such as the Halifax bank and Asda
supermarkets. It has also been cited by some academics as an example of an efficient system, most notably Dr Alan G Robinson of the Isenberg School of Management
, University of Massachusetts Amherst
, in his paper "How the Best Managers and Organisations Tap the Ideas of their Front Line People."
for its contributions to charity. Richer Sounds currently funnels 15% of its profits into charitable organisations, making it one of the most generous donors (in percentage terms) of any company in the UK.
. It has also been recognised by the government-backed Investors in People
scheme.
In May 2010, Richer Sounds received the Best Retailer Award from Which?
, beating the likes of Waitrose and John Lewis
to the title in this category awarded solely on the feedback of 14,000 Which members.
In January 2011, Richer Sounds received a Royal Warrant.
In May 2011, Richer Sounds came top of the Which? High Street Shop Survey 2011, earning 5 stars out of 5 for Product Range, Service and Pricing.
In July 2011, Richer Sounds received the Which? Best High Street Retailer of the Year 2011 award. Peter Vicary-Smith, chief executive of Which?, commented: “To win a Which? Award, not only must a company offer outstanding products or services, it must also deliver exceptional value and a great customer experience. This is especially important at a time when consumers are really feeling the pinch."
Great Britain
Great Britain or Britain is an island situated to the northwest of Continental Europe. It is the ninth largest island in the world, and the largest European island, as well as the largest of the British Isles...
home entertainment retailer that operates online and through a chain of 51 stores distributed across the United Kingdom. The business is 100% owned by Julian Richer
Julian Richer
Julian Richer is a prominent British retailer, best known as the founder and 100% shareholder of Richer Sounds, the UK’s biggest hi-fi retailer. He is also the owner of EmpireDirect.co.uk...
, the founder and managing director of the company.
History of the business
Richer began his business life at the age of 14 by buying and selling hi-fi separates, while still at school. By the age of 17 he had three people working for him.Richer Sounds formally began trading in 1978, when, aged 19, he opened his first shop near London Bridge
London Bridge
London Bridge is a bridge over the River Thames, connecting the City of London and Southwark, in central London. Situated between Cannon Street Railway Bridge and Tower Bridge, it forms the western end of the Pool of London...
, with the help of the latnbnne Vic Odden, the photography retailer. For over 20 years this store has been featured in the Guinness Book of Records for the highest sales per square foot of any retail outlet in the world.
Richer Sounds was initially known for selling budget audio equipment in a ‘pile it high and sell it cheap’ fashion, but in recent years it has moved upmarket, and expanded its range from just audio products to encompass television and home cinema equipment. An installation service has also been developed.
In 2007/8 the company launched ranges of audiophile
Audiophile
An audiophile is a person who enjoys listening to recorded music, usually in a home. Some audiophiles are more interested in collecting and listening to music, while others are more interested in collecting and listening to audio components, whose "sound quality" they consider as important as the...
hi-fi, multi-room and high-end home cinema separates, with some stores providing demonstration rooms for customers. The company also instituted a corporate rebrand, redesigning their logo and literature and instituting a programme of facelifts, expansions and relocations of their stores.
Business model
Customer service is considered important; customers are asked for their feedback through 'freepost' cards in which customers are asked to rate their visit via a questionnaire and also on item receipts. Julian Richer, in running the company is involved in addressing major issues.Their stated aim is to beat competitors' prices, including those on the internet, subject to their 'pricebeat' policy. Their shops tend to have a simple layout and are generally located be on the edge of main shopping areas in order to keep costs down.
Richer Sounds involves its employees in bettering the company through its suggestion scheme and is successful in receiving suggestions from employees. This may have prompted other businesses to emulate its business model, such as the Halifax bank and Asda
Asda
Asda Stores Ltd is a British supermarket chain which retails food, clothing, general merchandise, toys and financial services. It also has a mobile telephone network, , Asda Mobile...
supermarkets. It has also been cited by some academics as an example of an efficient system, most notably Dr Alan G Robinson of the Isenberg School of Management
Isenberg School of Management
The Isenberg School of Management is the business school at the University of Massachusetts Amherst. Founded in 1947 as the School of Business Administration, Isenberg assumed its present name in 1997 in honor of alumnus and benefactor Eugene M. Isenberg...
, University of Massachusetts Amherst
University of Massachusetts Amherst
The University of Massachusetts Amherst is a public research and land-grant university in Amherst, Massachusetts, United States and the flagship of the University of Massachusetts system...
, in his paper "How the Best Managers and Organisations Tap the Ideas of their Front Line People."
Charitable contributions
The company has received recognition from Business in the CommunityBusiness in the Community
Business in the Community is a British business-community outreach charity promoting responsible business, CSR, corporate responsibility, and is one of the Prince's Charities of Charles, Prince of Wales....
for its contributions to charity. Richer Sounds currently funnels 15% of its profits into charitable organisations, making it one of the most generous donors (in percentage terms) of any company in the UK.
Awards
In 2002, Richer Sounds was judged as the best British-owned company to work for by The Sunday TimesThe Sunday Times
The Sunday Times is a British Sunday newspaper.The Sunday Times may also refer to:*The Sunday Times *The Sunday Times *The Sunday Times *The Sunday Times...
. It has also been recognised by the government-backed Investors in People
Investors in People
Launched in 1991 Investors in People is a business improvement tool administered by UK Commission for Employment and Skills and supported by the Department for Business, Innovation and Skills ....
scheme.
In May 2010, Richer Sounds received the Best Retailer Award from Which?
Which?
Which? is a product-testing and consumer campaigning charity with a magazine, website and various other services run by Which? Ltd ....
, beating the likes of Waitrose and John Lewis
John Lewis (department store)
-Recent developments:In June 2004, John Lewis announced plans to open its first store in Northern Ireland at the Sprucefield Park development, the province's largest out of town shopping centre, located outside Lisburn and from Belfast. The application was approved in June 2005 and the opening of...
to the title in this category awarded solely on the feedback of 14,000 Which members.
In January 2011, Richer Sounds received a Royal Warrant.
In May 2011, Richer Sounds came top of the Which? High Street Shop Survey 2011, earning 5 stars out of 5 for Product Range, Service and Pricing.
In July 2011, Richer Sounds received the Which? Best High Street Retailer of the Year 2011 award. Peter Vicary-Smith, chief executive of Which?, commented: “To win a Which? Award, not only must a company offer outstanding products or services, it must also deliver exceptional value and a great customer experience. This is especially important at a time when consumers are really feeling the pinch."