Family Video Movie Club Inc. is an American video rental chain located in the United States and Canada. The family-owned company is headquartered in Glenview, Illinois, and has over 730 stores in North America with the heaviest concentration in the Midwest. In 2013, with the collapse of Blockbuster, it became the only remaining video rental chain in the United States.
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History
In 1946, Clarence Hoogland founded Midstates Appliance and Supply Company. His son Charles Hoogland inherited the business in 1953. The company later became a distributor for Magnetic Video. After getting stuck with a large inventory of excess video movies in the late 1970s, Charles had the idea to start the Video Movie Club in Springfield, Illinois in 1978. The club originally charged a $25 membership fee and $5 per rental and later evolved into Family Video.
In 2003, Family Video relocated its headquarters from Springfield to Glenview, Illinois. By 2013, the company surpassed Blockbuster as the largest video rental chain in the United States.
In addition to the brick and mortar store front, Family Video has branched off into other markets such as real estate, 24-hour fitness centers, and cable television. The company also sells new and previously used items online. Family Video expanded into the Canadian market in 2012.
In 2013, following the continued decline of competing video rental stores, Family Video formed a partnership with Marco's Pizza providing space for the franchise in many of its stores. The company is using the partnership as a way to deliver video rentals with pizza orders. Family Video also leases space to other retailers such as hair salons and fitness centers. Unlike much of its competition, Family Video owns the real estate housing their stores, helping them to avoid unsuccessful lease negotiations that led to the demise of Blockbuster and Movie Gallery, which includes Hollywood Video. In addition, it owns a fiber-optic network in the Central Illinois region, called iTV-3, as well as a small chain of fitness centers named StayFit-24.
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References
External links
- Official website
Source of article : Wikipedia
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