HOMESMART, a retailer specializing in affordable and flexible rental purchase options for furniture, appliances, and electronics, announced the completed conversion of 29 stores to the HOMESMART model. The stores were acquired in July from Crusader Rent to Own. Eight additional stores acquired from Buzz's Lease Purchase & Sales will also be converted in the next few weeks.
HOMESMART, a new concept launched late in 2010, has experienced robust growth and now has 56 stores open with plans to open approximately 10 more by the end of 2011. HOMESMART is owned and operated by lease-to-own retailer Aaron's, Inc., but in contrast to Aaron's monthly payment model, HOMESMART offers customers weekly payment lease agreements for products including computers, televisions, refrigerators, and sofas.
"Early results are positive and growth prospects are excellent for HOMESMART," said Ken Butler, Aaron's chief operating officer. "Opening multiple stores a month despite the tough economy demonstrates the need for flexible, affordable rental payment options on home products used in our everyday lives. Synonymous with our Aaron's brand, we never conduct a customer credit check. This allows customers who are cash or credit constrained but have good references the purchasing power to bring the necessities of life, such as a bed, a refrigerator, or a computer for their children's studies, into their home."
HOMESMART is also currently developing its executive team, with Mark Rudnick named recently as vice president of marketing. Rudnick will be responsible for leading all marketing efforts for HOMESMART including brand development, guerilla marketing and advertising.
HOMESMART stores can currently be found in 10 states: South Carolina, North Carolina, Georgia, Tennessee, Florida, Virginia, Mississippi, Louisiana, Texas and New Mexico. Of the 56 stores that have been open or converted, 37 were acquired and 19 were opened organically.
About HOMESMART: HOMESMART is a specialty retailer offering affordable and flexible rental purchase options for furniture, appliances, computers and electronics. HOMESMART is headquartered in Atlanta and currently operates 56 stores in 10 states. For more information, visit www.shophomesmart.com.
About Aaron's: Aaron's, Inc. (NYSE:AAN - News), the nation's leader in the sales and lease ownership and specialty retailing of residential furniture, consumer electronics, home appliances and accessories, has more than 1,900 Company-operated and franchised stores in 48 states and Canada. Founded in 1955 by entrepreneur R. Charles Loudermilk, Sr. and headquartered in Atlanta, Aaron's has been publicly traded since 1982. For more information, visit www.aarons.com.