Sales Of Home Safes Spiking As Banks Melting Down

This from the Wal-Mart CEO Lee Scott, who was on CNBC this morning. He said sales shot up during the week of the financial crisis.

Here come the survivalists. [Jacksonville, Florida]: Federal data shows domestic bank deposits have dropped by 40 billion dollars over the last few months; and that has a lot more folks buying home safes. One manufacturer says it’s sold 50% more in the last month alone.

Knowell’s Safe and Lock on the Westside is having its biggest year ever. Business started picking up in May and it hasn’t stopped yet. “With the scare in the financial industry and the banking industry, banks closing down, being bought out, it’s a good fear having somebody play with your money, or you being able to watch it,” said Brett Webb at Knowell’s.

Webb’s grandfather started the business 30 years ago. Business has always been good, but now it’s really good. “It started back in May. It might have had something to do with the stimulus checks. It probably did help,” said Webb.

The best sellers are the large walk-in gun safes, even if the buyer doesn’t own a gun. “You get fire protection with a gun safe and a lot of space. Even people who don’t collect guns, you have plenty of shelf space.”

It’s happening in Oregon, too. In one store, sales up 65% and here’s a nice business: installing them. Those guys make $1,200 a pop.

KPOG [Portland]: In this unstable economy there’s been a big increase in home safe sales according to Joe, an employee of Atlasta Safes in southeast Portland. Joe tells KEX’s Mark and Dave that sales have increased up to 65%. Many people are saying they’re taking all of their money out of the bank and Joe says one gentleman bought his home safe to store his gold coins. Joe recommends buying a burglary and fire resistant safe that either bolts to the floor or is sunk in cement so it can’t be carried away. He also says to hire a contractor to install it for you and expect to spend around $1,200 for a quality safe and installation.

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