Olum’s Celebrates 100 Years in Business
Olum’s is celebrating its 100th anniversary this year. Olum’s with locations in Vestal, Johnson City and Syracuse opened in June, 1914 when Jacob Olum opened a furniture store in Binghamton.
Facilities have expanded since the days of the original store on Clinton Street in Binghamton. Olum’s Vestal Parkway location is an 80,000-square-foot facility while the Olum’s Distribution Center in Johnson City is a 100,000 square-foot location.
Olum’s President Keith Solomon kicked off his company’s 100 Days of Summer Celebration this morning at Olum’s in Vestal. They will be giving away $10,000 of home furnishings in September. Solomon says “Magic Circle Credit” has been a key factor in the growth and success of Olum’s over the decades. It was established after the major flood in 1934 and officially put into operation in 1939, enabling thousands of immigrants and young families to purchase furniture and appliances and pay interest free over a period of time. He also notes that Olum’s is one hundred percent employee owned. This means workers not only have a say in the company’s operation but also a financial stake in its future.
Olum’s is one of the few remaining business in the country selling furniture, appliances, brand-name bedding and electronics all under one roof.