The couple has had a dream of starting a business, and with backgrounds in retail and management, they began seeing an opportunity in bin stores as they’ve visited other locations throughout the years and noticed the joy they bring.
“We went through quite a bit of brainstorming to come up with something that we enjoy and would be a good legacy for the kids and our futures,” Penwell said.
“(Bin stores) create an energy that is not only enjoyable but exciting as it can be compared to the energy that a family may feel during the holiday season and Black Friday shopping. We really wanted to bring that joy to a family business and the communities that we love and support.”
The family decided to “push forward to bring this crazy idea to life” and started the process by creating a business plan, later revised through the Springfield SBDC (Small Business Development Center), before getting start up funds and looking for a location.
After looking for a spot for many months, one morning they accidentally came across an advertisement by Marie and Josh Homes for the space so they contacted them and viewed the space the same day.
“We loved the things that Maria and Josh had completed with the place to really bring the entire shopping center to life and couldn’t help but to jump on this opportunity to be a part of (it). We wanted to be a part of the wonderful community that surrounds the (shops) and be able to support their dreams while pursuing our own,” Penwell said.
The store will include general merchandise products from large retailers like Amazon, Target and Wal-Mart, which can include overstock items, shelf pulled merchandise, returned items and more.
The items are purchased from the retailers in large pallet quantities and then dumped into bins in the store with prices listed per day. New inventory will be placed in the bins on Saturday, which is considered restock day, and each item in those bins are $10.
“This allows customers to have the potential to find high value items for a fraction of the cost of a regular retail store. Our customers could find anything from TVs, laptops and other large electronic products to everyday essential items and household goods such as clothes, shoes, dinnerware sets and much more, for only $10,” Penwell said.
Each day after that, the products that didn’t sell are left in the bins and the price drops daily until they reach Dollar Days. Sundays items are $7, Mondays they are $5, Tuesdays are $3 and Wednesdays are $1. There will also be mystery boxes and other promotions available.
While the grand opening date is not fully set, they plan to open in November and are also planning Small Business Saturday events for the holiday season.
“We are extremely excited about opening. We have had such a welcoming engagement with the community so far through our Facebook page and we are looking forward to and excited about meeting everyone who joins us,” Penwell said.
Once open, the hours will be 9 a.m. to 5 p.m. Saturday through Wednesday and closed Thursday and Friday for cleaning and inventory restocks.
Penwell added they do plan to expand into the Springfield area within the next few years.
For more information such weekly restock previews and updates on promotions and special events, visit the Facebook page at www.facebook.com/profile.php?id=61581923833833#.
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