Word: discounter
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Dates: during 1960-1969
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...separate petitions to the Civil Aeronautics Board, United, TWA, American and Eastern Air Lines asked permission to curtail use of the almost industry-wide "Discover America" excursion fares. Generally, such fares offer a 25% discount from regular round-trip jet coach rates, while requiring travelers to return no sooner than the following calendar week and no later than 30 days after they start. The fare cannot be used during two peak travel times: noon to midnight Fridays and noon Sundays to noon Mondays...
...airlines have discovered that many a businessman who had been counted on to pay full fare has learned to juggle his travel to take advantage of the cut-rate schedules. TWA figures that $20 million worth of business that otherwise would have produced full fares will be diverted to discount fares this year, adding only $16.7 million to revenues. "In this respect, we've been our own worst enemies," says Executive Vice President G. Ray Woody of National Airlines. Despite a 17% rise in total operating revenues, the nation's eleven major domestic carriers and Pan American World...
...fare slicing still seems the best way to fill empty seats, most of which are vacant because their new jets provide increased capacity. Ozark, with an operating loss of $240,000 for the first nine months of the year, gives students and military men confirmed space at a 33% discount, lets clergymen fly on a standby basis for half fare. Next month it plans a $30 weekend special allowing a passenger to fly anywhere in the system from Saturday morning to Sunday afternoon. With a similar scheme, Mohawk increased its Saturday traffic by 46% during the first half...
...called discount stores are nonetheless multiplying fast; they now account for about $15 billion in annual sales. S. S. Kresge Co., which last year passed Korvette as the biggest discount chain, has 204 K Mart discount stores and plans to add 50 new ones in the next year. In the face of such breathless expansion, as well as the aggressive stances of established department stores, many a marginal discounter may be doomed. A discount furniture store in Atlanta, for example, went broke after Rich's, the city's largest department store, consistently matched its prices...
Into the Midwest. Nor are bigger operators immune from pressures, as Korvette's experience plainly shows. Though Founder Eugene Ferkauf revolutionized retailing with his approach to discounting (TIME cover, July 6, 1962), Korvette's haphazard management was not equal to its ambition of simultaneously upgrading merchandise, adding new services and expanding the New York-based chain into the midwest. To check his chain's decline, Ferkauf last year merged into apparel-making Spartans Industries (which has promised the Federal Trade Commission to sell its own 96 Spartan-Atlantic discount stores) and turned over the reins to Spartans...