INDUSTRY NEWS

WALTHAM, Mass. (August 30, 2007)—Planet Shoes is moving up in the business world. The online shoe retailer debuted on Inc. Magazine's latest Inc. 500 list, recognizing the 500 fastest growing private companies over a 3-year period.

The company's 1,395.2 percent growth in sales from 2003 to 2006 helped it land the No. 133 spot on the overall list of businesses, but it was the third fastest growing retailer ranked.

"For us it's a tangible measure of recognition," executive vice president Barry Bresnick told WSAToday.com. "When you're small and growing this rapidly, becoming well-known in the industry is a milestone."

Last year, Planet Shoes brought in $3 million and expects to do $6.5 million in volume for 2007. Next year, the company is anticipating sales will reach approximately $12 million, according to Bresnick. "Over the next three years we expect to enjoy another 100 percent increase," he said.

Although not every shoe on the site is eco-friendly, the company is striving to be the online leader in sustainable footwear. Customers can find all of the eco options available in the site's Eco-Logical Shoe Shop. "In growing the business, we wanted to look for any viable eco-friendly product to include," Bresnick said. "It helps give us an identity. [Plus] it tells the customer we care about the environment and offer product that fits their philosophy and lifestyles."

Another factor that contributed to the company's astounding growth is its devotion to providing customers with the best possible content in a conversational manner. "What's really driving our sales is the way we present the products and brands online," Bresnick said. "We provide the customer with information they can't get anywhere else. It's much more of a personal experience than they're used to."

PlanetShoes.com was established in 1999 and was the first in the industry to have a 100-percent in-stock guarantee.

In order to qualify for the Inc. magazine 500 list, companies must be based in the United States, privately held and independent as of December 31, 2006. They must also have been generating revenue by the first week of 2003 and brought in a minimum revenue of $200,000 in 2003 and $2 million in 2006.

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