The basics:
- Harmon launches $10 online auctions to engage beauty shoppers
- Retailer reopening stores in NJ, NY after 2023 shutdown
- Crowdfunding and a VIP membership program support expansion plans
- Harmon aims to grow to 20 stores and double revenue over the next year
As part of its ongoing comeback effort in the New Jersey-New York market, Harmon is experimenting with online auctions. The sales aim to turn everyday beauty buys into a fun, engaging event for shoppers.
At least once a week, the beloved discount beauty, health and cosmetics chain is inviting customers to bid, play and win. Just a few of the items hitting the auction block have included
- Beauty boxes filled with trending products
- Hair straighteners with hair serum
- Mega bundles of travel kit must-have items
Harmon Retail Holdings Inc. CEO Jonah Raskas said, “Harmon is known as a place where you can find everyday items that you always need and items that are deals and of great value. We’re really the only place for stores that have both ‘everyday’ and ‘deals’ in a one stop shop location. With this in mind, we still have thousands and thousands of customers who don’t have a store to visit yet and we wanted a way to reach these customers.”
Hey, buyer
According to Raskas, Harmon began testing auctions earlier this month. He says they’re still determining how often to hold them.
“For product offerings, we have thousands of products across our stores and we wanted to offer a wide range of products across different categories. In particular, we have been focused across health, beauty, travel, our ‘mini offerings’ and areas where we can offer something really unique for customers,” he said. “We plan to continue them – the offerings, product mixes, prices – there will be many new items and many new and fun opportunities for customers.”
“We would love to hear feedback from customers on how frequently they would want them. For now, we have been having them once to twice a week,” he said.
According to Harmon, the 24-hour auctions start at $10. Values of items typically range from $100 to $200. To be alerted of Harmon’s next auction, sign up here.
The next chapter
Harmon was founded in 1971. The store was known for its big brand names and private labels, Face Values, Core Values and Smart Values. Although Harmon’s shelves featured many of the same items as CVS and Walgreens, fans flocked to its wide assortment of soap, makeup, hair care and skin care products; low prices; and travel-sized products collection.
While the chain had the majority of its outposts in New Jersey and New York, its footprint also extended into California, Connecticut, Florida and Nevada.
Harmon’s 50-plus locations went dark in January 2023 as Bed Bath & Beyond tried to stay afloat financially.
Raskas purchased Harmon’s intellectual property rights in August 2023 during Bed Bath & Beyond’s bankruptcy proceedings. Since then, he’s rebooted at least five of the brand’s stores in the tri-state area.
Since the buy, the New York-based investor and a team of core members from Harmon’s original team flipped the lights back on at the retailer’s old stores in West Caldwell and New Rochelle, N.Y.
Harmon also returned to Somerset County. The store it took over a former Party City store at Bridgewater Town Centre. Meanwhile in Monmouth County, the retailer opened in a space left vacant after fabric and crafts retailer Joann went out of business.
According to Harmon, a store is coming soon to Garwood, too.
Plans to grow
This past summer, Harmon announced a crowdfunding campaign to help support its brick-and-mortar growth.
Proceeds will go toward expanding the overall store count, Raskas said. That includes investing in inventory, store operations, opening expenses and marketing. Capital will also be put toward Harmon’s e-commerce business to grow omnichannel capabilities.
“We wanted to enable people to be able to own a piece of the Harmon comeback and be part of this expansion,” Raskas told NJBIZ at the time.
As per a strategic growth plan posted online, the brand’s current business model revolves around driving revenue from retail sales – both online and in-store – as well as growing its paid membership program.
Between June 2024 and June 2025, Harmon’s three physical stores, revived e-commerce business and new $10-a-year VIP membership program generated over $5 million in revenue, according to the company. Over the next 12 months, Harmon expects to have five stores, sign up 5,000 paying members and hit $10 million in revenue to become cash flow positive.
In the future, Harmon plans to develop salon studios to drive traffic and margin, become the first off-price beauty concept to offer franchise opportunities and create new in-store events for deeper community engagement.
According to the investor presentation, Harmon anticipates opening an additional 15 stores in the region. That would put its reach at 20 locations between years two and four. It also aims to add warehouse space for inventory. During the next five to 10 years, re-openings will continue in the tri-state area and expand along the East Coast.
