THE DAILY SCOPE, 2/8/2022: There is some sad news today in the world of consumer electronics. David Lorsch, who founded and served as CEO of DBL Distributing for 17 years, passed away at home on February 4th. He was 62 years old. Lorsch founded the distribution company in 1989 with an emphasis on audio and video and accessories, but branched out over the years to other categories including cameras, mobile, and professional and custom installation gear.
At its peak, the company had more than 26,000 retail customers across the U.S. and offered 18,500 products from more than 400 manufacturers. In 2007, Lorsch sold the company to Ingram Micro for $96 million. He is survived by his wife Cindy and son Scott. More recently, Lorsch had served as the director of the Scottsdale Community Bank, the first new community bank in Arizona, which is slated to open within the next 60 days.
The news reverberated across the consumer electronics industry. “David, the Founder and CEO of DBL Distributing was an entrepreneur and visionary who wanted to change how retailers bought and sold accessories,” said Gary Shapiro, the president and CEO of the Consumer Electronics Association (CTA), in a statement. “DBL Distributing changed the perception of accessories from a poor stepchild of the consumer electronics industry into a retailer’s primary profit center….We will miss David’s passion, friendship, and humor and we offer Cindy and his family our sincerest condolences.” The full statement can be found on the CTA website.
In other news, the Wall St. Journal reports that consumer bulk buying and hoarding continues two years into the pandemic. Inflation and product shortages are just some of the reasons the practice continues. Bulk buying certainly offers more bang for the buck, which is why sales at price clubs such as Costco, Sam’s Club, and BJ’s topped those of other retail categories, with a rise of 26.6 percent in dollars and 18 percent in volume during the last quarter of 2021 versus 2019, according to research firm IRI. Given that working from home continues to be the new normal, the trend is expected to continue, according to comments IRI shared with the WSJ.
And lastly, Nationwide PrimeTime wraps up in Phoenix today. Make sure to stay tuned for additional coverage, interviews, and articles from the show here.
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