Envela Advances Re-commerce Revolution with Retail Expansion Plans

Rhea-AI Summary

Envela Corporation (NYSE American: ELA) announced plans to open at least four new retail stores by the end of Q3 2023 as part of its strategy to double its retail business in the next two years. The first store will be located in Phoenix, Arizona, a rapidly growing metropolitan area. This expansion aims to enhance the company’s existing presence in Dallas and Charleston, offering competitive prices and valuable resources to customers. Envela, a leader in the re-commerce sector, operates two main segments: DGSE and ECHG, focusing on direct-to-consumer sales and custom commercial services, respectively. The company emphasizes its commitment to sustainability through a circular economy model, enabling effective reuse and recycling of durable goods.

Positive

• Plans to open 4 new retail stores, indicating strong growth potential.
• First store in Phoenix, a rapidly growing metropolitan area.
• Expansion complements existing locations in Dallas and Charleston.
• Company reputation for managing costs and delivering value.

Negative

• None.

LAS COLINAS, TX / ACCESSWIRE / April 6, 2023 / Today, Envela Corporation (NYSE American:ELA) - the North American re-commerce leader - announced that as part of its quest to double its retail business in the next two years it expects to open at least 4 new retail stores by the end of the third quarter this year. The first of these is planned for Phoenix, Arizona. Such brick-and-mortar locations intended for new markets will complement the Company's existing footprint in Dallas and Charleston.

"Envela is a growth company, and our accelerated expansion is a direct reflection of our continued success," said John Loftus, Envela's Chairman and CEO. "We have earned a reputation for managing costs and delivering value for both customers and shareholders, and with significant growth opportunity ahead of us, I'm confident that our exceptional leadership team will unlock extraordinary value for our stakeholders."

Phoenix is the 14^th-fastest-growing large metropolitan area in the U.S., making it a natural choice for our expansion. The planned Phoenix store (6,000 square feet) will build on the success of the company's recent openings and introduce that market to our extremely competitive prices, transparent transactions, and invaluable information resources.

About Envela
Envela is the North American re-commerce leader, enabling a better world through the circular economy. It empowers buyers and sellers to extend the useful lives of specialty and durable goods; and seize retail, recycling, and reverse-logistics supply-chain opportunities. This financially benefits consumers and manufacturers alike. Envela operates primarily via two re-commerce business segments, DGSE and ECHG. DGSE (direct-to-consumer portfolio) operates retail stores and online sites offering premium brands and luxury hard assets. ECHG (commercial-services portfolio) offers custom re-commerce solutions to meet the needs of diverse clients, including Fortune 500 companies.

At Envela, we Reuse, Recycle, and Reimagine. To learn more, visit Envela.com and follow our social media channels on Twitter, Instagram, Facebook, and LinkedIn.

Forward-Looking Statements
This press release includes statements that may constitute "forward-looking" statements, including statements regarding potential property acquisitions, financial outlook, future growth, and the future success of business lines and strategies. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, market conditions and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release except as required by law.

Investor Relations Contact:
Investor Relations
1901 Gateway Drive | Irving, TX 75038
investorrelations@envela.com

SOURCE: Envela Corporation

View source version on accesswire.com:
https://www.accesswire.com/747900/Envela-Advances-Re-commerce-Revolution-with-Retail-Expansion-Plans

FAQ

What is Envela Corporation's plan for expansion in 2023?

Envela Corporation plans to open at least four new retail stores by the end of Q3 2023.

Where will Envela's first new retail store be located?

The first new retail store will be located in Phoenix, Arizona.

What strategy is Envela pursuing to double its retail business?

Envela is focused on expanding its retail footprint by opening new stores in key markets.

What are the main segments of Envela Corporation's business?

Envela operates primarily through two segments: DGSE (direct-to-consumer) and ECHG (commercial services).

What does Envela Corporation focus on in the re-commerce sector?

Envela focuses on extending the useful lives of specialty and durable goods within a circular economy framework.