U-Store boosts sales in 2010

In conjunction with its 106th anniversary, the Princeton University Store recently announced its financial statements for the past year, boasting sales of $7.5 million for the 2010 fiscal year.

This news is noteworthy considering that as late as 2009, the U-Store, which has a location on Nassau Street and one on University Place, was taking measures to insulate itself against the economic downturn.

In January of that year, the U-Store location at 36 University Place cut its operating hours from 24 to 19 hours.

“[It was] definitely a cost-saving measure,” U-Store trustee and electrical engineering professor Ruby Lee said in an email at the time.

“They had to eliminate several full-time positions to cut expenses. [It is] a very difficult time for retailers during this economic crisis.”

Yet this year’s numbers showed marked improvement, with the financial statements reporting a 10 percent increase in sales over last year and an increase in web sales of 21 percent, as well as 225,000 annual visitors.

Representatives of the store said that — in response to concerns regarding the possibility of the struggling economy hindering its operations and profits — it developed a new business model that, combined with improving economic circumstances, significantly helped the U-Store’s sales.

Among the changes under the store’s new business model is a series of partnerships with local vendors and services.

This year, the U-Store introduced dry cleaning and washing options through a partnership with Craft Cleaners, in addition to a shipping program offered through UPS.

When membership discounts are factored in, the prices for these services are competitive.

According to U-Store president James Sykes, the store’s recent financial success was also supported by the introduction of new brands.

“We added Under Armour as a vendor in our Princeton merchandise area which proved very popular with all our customer segments, especially students,” he said.

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The store also introduced Brooks Brothers’ new line of collegiate licensed apparel, and generated almost $250,000 in retail sales last year as a result of the increased options.

The U-Store is also looking to add other popular brands later in the year, Sykes added.

He also said that the U-Store’s management has considered the needs of non-student customers in crafting the new business strategies.

“We also added a new member benefit of free shipping of web orders for purchases over $25, which will be more important to students when they become alumni,” he explained.

In addition, with the improving economic conditions, the local area saw an increase in visitors and tourists in 2010, a trend which translated to an increase in customers for the U-Store.

These visitors were also more financially secure, and therefore likely to spend more at the store.

“Even students’ families were in better shape, financially speaking,” Sykes added.