Richmond-based Shoe Pavilion has purchased Standard Shoes, a 50-year-old family company in Inglewood, for an undisclosed sum.
The 10 Standard Shoes stores located in Los Angeles and Orange Counties will remain open, but will be changed to Shoe Pavilion outlets.
“We will be remodeling those 10 stores and changing the name to Shoe Pavilion’s Designer Shoe Warehouse,” said Shoe Pavilion spokeswoman Linda Hickey.
Shoe Pavilion will be expanding throughout the Los Angeles area but no sites have been selected, Hickey said. She expects that there will be no personnel changes as a result of the deal. “There are no lay-offs planned at this time,” Hickey said.
Both companies are privately held. Shoe Pavilion is a wholly owned subsidiary of Shoe Inn Inc.
Shoe Pavilion has 45 stores throughout California, Washington, Oregon and Nevada. Six of the stores are called The Shoe Pavilion’s Designer Shoe Warehouse and are located in large 8,000- to 15,000-square-foot facilities.
The other 39 stores are called Shoe Pavilion and are smaller, typically located in malls. Both stores offer dress, casual, athletic and active shoes for men, women and children.
John Taylor, president of the Westside-based investment banking firm of John F. Taylor & Associates, said the terms of the deal included a combination of cash plus some long term leases.
“Standard used to be the kind of store where you could walk in and get waited on by extremely knowledgeable salespersons who knew all about the leather and the stitching on the shoes,” Taylor said.
But customers are no longer willing to pay for that type of service. “The economic times coupled with the changing consumer buyer habits made it difficult for stores like Standard Shoes,” he said.
Hickey said that sales associates are available for assistance throughout the stores, but that the customers are encouraged to locate and try the shoes on themselves.
Hickey said that the 18-year-old Shoe Pavilion has been expanding at a rate of four to five stores per year.