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This is Chris Redgrave for Zions Bank, speaking on business.
The growth of discount shopping recently has been phenomenal. That's probably why 50 million Americans have signed up for a "daily deal" or "group coupon" sites in the last few years. But savvy businessmen like the Freedman brothers understood this concept so well they pioneered discounted clothes shopping in Utah, and their company, DownEast Outfitters, is now found in eight Western states.
It all started when Charlie and Bill Freedman came to Utah to attend university in the early 90s. As native New Yorkers, they were accustomed to outlet shopping and couldn't believe it wasn't available in Utah.
They were inspired by their younger brother, Jonathan's example. At the age of 17, he started reselling brand name liquidated clothing out of the back of his car. Charlie and Bill learned the ropes of the business and started a similar operation, with their friend Rich Israelsen, once they returned to school. They sold liquidated clothing for J Crew, Gap and Polo out of a sandwich shop. They put the proceeds from their sales right back into the business and watched DownEast Outfitters grow.
They diversified to offer discounted furniture, and their customers loved it. But the biggest success came in 2005 when DownEast Outfitters started producing their own private label clothing line for women. DownEast Basics is now a staple store in malls throughout Utah, Idaho, Nevada, Arizona, California, Washington, Colorado and Wyoming.
Charlie, Bill and Jonathan brought Klane Murphy on as the CEO in 2006. This was a wise move since he has an extensive background in consulting and venture capital. Under his leadership, the company has grown significantly with overall company sales now at five times what they were in 2005.
Klane says DownEast Outfitters is known for providing high style clothing and furniture at a great price point and also as one of the only apparel manufacturers headquartered in the Rocky Mountains. Just one of the reasons Fortune magazine named Salt Lake City as one of the 15 best cities in the world to do business.
For Zions Bank, I'm Chris Redgrave speaking on business.
DownEast Outfitters With locations in six Western states www.downeastoutfitters.com
