Renys has 17 locations from Wells to Madison, and is always looking for opportunities to expand. It said it might also have to respond to inflationary price increases.
Get Instant Access to This Article
Subscribe to Mainebiz and get immediate access to all of our subscriber-only content and much more.
- Critical Maine business news updated daily.
- Immediate access to all subscriber-only content on our website.
- Bi-weekly print or digital editions of our award-winning publication.
- Special bonus issues like the Mainebiz Book of Lists.
- Exclusive ticket prize draws for our in-person events.
[bypass-paywall-buynow-link link_text="Click here to purchase a paywall bypass link for this article"].
The president of Renys department stores says he is “cautiously optimistic” about the year ahead, but acknowledges that the iconic Maine chain of stores will likely raise its prices in 2023.
John Reny, who took the helm in 2017, says it’s likely the chain’s customers and vendors will continue to face challenges.
What’s going on with inflation, oil and gas prices “is somewhat” affecting the Maine retailer, as customers are not going to have as much money in their pocket next year, Reny says.
Looking ahead to 2023, “with inflation you have to raise prices” and Renys is no exception.
The retailer “took a hiatus” on markups — “haven’t done it in years,” Reny says - but that’s going to end in 2023.
“Everybody is doing it [raising prices] and haven’t been bashful. It’s going to be ongoing and it’s not going to stop,” he says.
Once prices go up, it’s rare they come down, he adds.
“We’re cautiously optimistic everything will be OK, but some things are out of anyone’s control,” Reny says, citing inflation, the prime rate and the federal rate, which affect vendors, mortgages and consumer credit card debt.
Renys has 17 locations from Wells to Madison, but is always looking for opportunities to expand.
“We’re hoping to. A couple opportunities fell through” in 2022, says Reny, although he declined to say where the company wants to build or buy.
“We’re always looking. We do need to have more stores,” Reny says, adding corporate leaders want to “fill in the gaps” between store locations.
Like the majority of retailers, Renys is “always hiring, although it’s going to slow down over the next couple of months.”
“[Hiring] has been challenging the last few years and will continue to be,” he says.