Word: discounts
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Dates: during 1950-1959
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Diamadopoulos and Gianetti also agreed to offer the customary two per cent cash discount to operators for payment of bills within 15 days, although this deduction was not originally available to stand businessmen...
FAIR TRADE is out in South Carolina, tenth state to rule that manufacturer may not set retailers' prices. In legal battle between fair-trading General Electric Co. and Columbia, S.C. discount house, state supreme court gutted fair-trade law by striking down "non-signer clause," which says that stores must abide by fixed-price agreements even if they do not sign such pacts...
...change that affects the discount business the most is the changed customers. People are no longer content with a cluttered loft offering cut-rate appliances and little else. They want liberal credit, free delivery, a repair section, the right to return purchases. They want more goods in the store, e.g., shoes, shirts, suits, dresses, lingerie, towels. They want individual attention, well-mannered clerks...
...Answering this demand, the big, successful discounters are turning into cut-rate department stores. San Francisco's Government Employees Together, a clublike discounter aimed at Government workers, claims a wider diversity of goods than any of the city's regular department stores. Los Angeles' William Phillips Co. carries gifts, clothing, luggage and records, even added a liquor department this year. Manhattan's E. J. Korvette (estimated 1957 sales: more than $70 million), which calls itself a "promotional department store" and is even listed on the New York Stock Exchange, has quickly fanned its discount selling into...
...trouble is that such expansion costs more than most discounters can afford. Even with more and more self-service, Korvette's overhead has risen from 7% of sales in 1951 to around 14% (v. an average 33% for department stores). Korvette and other big discounters have the cash reserves they need to grow, but their smaller brothers do not. Traditionally, the discounters' main credit source has been manufacturers' wholesale distributors, who "carried" discounters through periodic slow periods. Even if the discounter failed, the distributor could rationalize his own loss as advertising for the products. The sagging appliance...