Word: discount
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Dates: during 1980-1989
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People Express is one of a new breed of discount airlines spawned by Congress's deregulation of the industry in 1978. Others include New York Air, Midway Airlines in Chicago and Muse Air in Dallas. These newcomers have sparked a string of fare wars that along with the recession have crippled the entire industry. People is one of the few carriers that has been able to keep costs low enough to turn a profit. The airline earned $2.1 million in the first quarter, while the eleven largest carriers suffered a combined operating loss of $619 million...
Thanks to a strategy of selling big in small-town stores and deep discounting, Wal-Mart is the fastest-growing major U.S. retailer. It is opening nearly two new stores a week, and its sales are increasing almost three times as fast as the average for the discount-store industry. They totaled $3.4 billion in 1982, up from $2.4 billion the year before. That made Wal-Mart the nation's ninth-largest shopkeeper, well behind the likes of Sears (sales: $30 billion) and K mart ($17 billion), but ahead of such old-time retailers as R.H. Macy and Carter...
Trim and suntanned, Walton is a 1940 graduate of the University of Missouri and worked for J.C. Penney briefly before World War II military service. He and his brother Bud, now a senior vice president, opened the first Wal-Mart Discount City in Rogers...
IGBE's business strategy was simple, but risky. In exchange for discount prices, most customers agreed to wait at least twelve to 15 weeks to receive their metals. In the meantime, IGBE invested the customers' money, earned interest on it, and waited for metals prices to dip so that the company could pay less for the gold or silver sent to the client. The scheme worked well from 1980 to mid-1982, when metals prices were on a downward trend. But late last year prices started to rise, and the bullion often cost the company more than customers...
...quick and the smart. Two years ago, Bank of America decided that the bank could buy a brokerage house without violating federal rules if it did not give customers investment advice or underwrite corporate securities offerings. Bank of America then decided to buy Charles Schwab & Co., the largest U.S. discount brokerage firm, which provides neither service. Other stockbrokers squawked, but the Federal Reserve approved the deal. Schwab is now producing nearly $400,000 a day in commissions for Bank of America, and 600 other financial institutions have since gone into the discount brokerage business...