P.C. Richard & Son P.C. Richard & Son

Business At a Glance

  • GE financing per sales dollar ~40%
  • New retail locations since 2009 +10
  • Years in business 102
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Business challenge

Founded in 1909, P.C. Richard & Son is one of the oldest private, family-owned appliance and consumer electronics retailers in the United States. This Week in Consumer Electronics places P.C. Richard among the top 25 largest electronics retailers in America at over $1 billion in sales for 2010.

When consumers shop for electronics and appliances they are looking for a wide produce selection, great service, and an affordable way to make their large purchases. At P.C. Richard providing a great customer experience is just part of the company's DNA. In order to provide a large selection they turn to GE Capital for help with flexible inventory financing. And when it's time to close a customer sale, P.C. Richard uses GE Capital consumer financing programs right on the sales floor. Selling electronics and appliances is a dynamic and competitive business where markets and competitors change quickly. P.C. Richard has prospered through the years by relying on a rock solid partnership with GE Capital to help them succeed.

GE Capital's strategy

P.C. Richard has a long history with GE. The company has carried GE appliances for almost as long as they've been in business, and in the tough economic climate of the 1940s, P.C. Richard took advantage of GE Financing to help customers purchase home appliances. Formed on trust and reliability, the relationship has stood the test of time thanks to GE Capital's expertise and scale.

Today, GE Capital Commercial Distribution Finance (CDF) uses its scale as one of the largest electronics inventory finance providers to give P.C. Richard very competitive terms. Based on inventory turns and cash flow, GE Capital terms are often more flexible than those a manufacturer can provide. This allows P.C. Richard to account for seasonal variation and to act quickly on new opportunities such as the introduction of the Apple iPad. CDF was quick to put an agreement in place and bring iPads into P.C. Richard stores for eager consumers. And when P.C. Richard expanded to open new showrooms, CDF was there to help stock the new stores.

GE Capital's relationship extends directly to consumers as well. Paul Schell, relationship manager for GE Capital Retail Finance, has spent 18 years helping P.C. Richard build sales volume by giving customers the credit they need to make large-ticket purchases. Using GE Capital in-store systems, customers can gain immediate approval for their purchases and take their electronics home that same day. No waiting and ready credit means increased sales for P.C. Richard. The ability for consumers to make payments in store helps drive P.C. Richard foot traffic and allows employees to make repeat sales. Today, nearly 40% of all of P.C. Richard sales are financed by GE Capital.

“GE Capital and P.C. Richard—that's combination that will be together forever. They're in our past they're in our present, they're in our future.”

–Gary Richard
President, P.C. Richard & Son

The results

In an era where many regional and national competitors have suffered, P.C. Richard has not just survived but thrived, generating robust internet sales and expanding its number of stores by 15%. Since 2009, P.C. Richard has opened ten new showrooms, including its first outpost in Connecticut.