Rex Television and Appliance (Rex Stores Inc.)

REX Stores Corp. was founded as REX Radio, a single outlet in a Dayton, Ohio hotel storefront, in 1926.During the 1950s, the company expanded into televisions and subsequently changed its name to REX Radio & TV. The store established a long-standing volume-buying strategy in the 1960s when it became a founding member of the NATM Buying Corporation. In the late 1980s, REX joined Silo, Highland, and Circuit City in the formation of a new purchasing organization, Group 4. By the early 1990s, REX continued to employ its volume-oriented strategy, but did so independently.Over the decades REX expanded its product mix significantly as new devices continuously entered the market; from an initial focus on radios to include a broad selection of brand name televisions, camcorders, and video and audio equipment, as well as major household appliances, including microwaves, air conditioners, refrigerators, washers, dryers, and ranges. REX even expanded into gold, jewelry and gem stones in the 1990s.In 1993, REX raised $17 million on the sale of stock to fund its biggest expansion in over a decade. The company added 25 new stores in 1993 and planned to open 50 to 65 more beginning in 1994 as it moved westward across the United States.Key elements of REX's business strategy included emphasis on small-medium sized "niche" markets, depth of selection with "everyday low price" policy, extensive newspaper advertising and efficient operations.REX's concentration on smaller cities and towns accomplished several corporate objectives. Rents and other expenses are often lower, at the same time, competition from major consumer electronics chains is frequently not as intense, enabling REX to bring discounting to these markets and still earn high profit margins. REX offered national brands at a variety of price points in addition to a "low price guarantee". The chain promises to refund at least 125 percent of the difference between its own and any competitor's lower price found within 30 days of the sale. REX faced more intense competition from Best Buy, Circuit City in the consumer electronics space, Wal-Mart and Target in the discount retailer space and Sam’s Club and Costco in the warehouse club space in the late 1990s. By the early 2000’s consumers were beginning to move toward online purchases for LCD televisions and warehouse clubs and home improvement stores for white goods. Signs indicated an end to the profitable home audio business for REX, as consumers were moving to digital music and portable devices.REX stores closed its retail operations by the mid-2000s. Mr. Rose and a small team re-envisioned REX as an alternative energy company and continue to operate under the original NYSE stock profile, changing its trading symbol from RSC to REX.http://www.company-histories.com/REX-Stores-Corp-Company-History.html