Tesco and Richer sounds Essay Example

that they offer complimentary coffee.

Main Activities

Richer Sounds strives to stay current with new developments in the market. They often introduce new products to their inventory such as DVD players, plasma screen TVs and mini disk players. As a retail business specializing in high-end audio and video equipment, Richer Sounds PLC offers an array of hi-fi separates, home cinema systems, and Plasma screen TVs. Although they have competitors in the electronic equipment market like Comet and Dixons, Richer Sounds differentiates themselves by focusing on specific types of equipment. They employ staff who have a passion for their products and provide training to ensure they have in-depth knowledge of their inventory.

At the age of 19, Julian Richer began his business journey with a savings of �2000 that he earned from buying and selling audio equipment during his school days. Despite having three years of experience in hi-fi retailing in London, Julian was determined to start his own business. He purchased a small shop under the London Bridge Walk, but required a loan, which he received from the previous owner in exchange for purchasing 74% of the shares for �20,000. After nine months, Julian bought back the shares himself as he did not have an accountant and had to manage everything independently.

Back in the day, there were no designated account specialists available. With his unique deals, the owner's shop achieved great success, leading him to purchase additional shops. Today, he boasts 50 shops throughout the UK and Ireland. Being cautious about ownership, the company is classified as an unlisted public limited company and shares are not available for purchase on the stock exchange. The primary motivator

for this decision was to reap the advantages of limited liability and prevent a recurrence of past experiences when he first started his initial shop.