CHARLOTTE, N.C. — The retail industry is facing a new reality. Brick and mortar stores are fighting to survive due to the pandemic. Belk, the century-old Charlotte-based retailer struggling to find its way after recently filing for bankruptcy.
At its peak, Belk was the place to shop.
"Belk helped give this community economic momentum," local historian, Tom Hanchett said.
Pictures from the Charlotte Mecklenburg Library show Belk's early years. The first store opened in 1888 in Monroe, North Carolina. Then they later opened the flagship store on Trade Street in Uptown Charlotte. Business was good.
"Charlotte was the cotton trading center, folks came here because of the railroad connections were so good," Hanchett said. "The minute they came off the cot platform with a little money in their pocket they saw Belk."
But change is inevitable, no part of the retail industry has suffered more than department stores, the pandemic accelerating its decline. Belk filing for bankruptcy this week.
"When you hear bankruptcy you think, they're closing their doors, nope!" Hanchett said.
The restructuring eliminates $450 million of debt and provides $225 million in new capital for growth initiatives. It will allow Belk to move forward as it navigates through the pandemic. The bankruptcy is a lifeline, the future for the store is still uncertain.
But the key to surviving appears to come from the strength and love of the Belk name.
"The family very much committed to civic leadership", Hanchett said.
Many believe the Belk family helped Charlotte grow, while also promoting charity and giving back to the community.
WCNC Charlotte reaching out to the Belk family and they declined to comment.
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