Word: finkelstein
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Dates: during 1970-1979
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...National Law Journal, a weekly published since September, views itself as "the Wall Street Journal of law" according to Publisher James A. Finkelstein, 30. Son of New York Law Journal Publisher Jerry Finkelstein. James has so far more than 25.000 subscribers (at $48 a year) and is shooting for 100.000. N.L.J. 's Page One is given over to readable, anecdotal stories of broad interest (a profile of Paper Chase Author John J. Osborn Jr.. an examination of nepotism in small law firms, a report on the lawyer boom in Atlantic City). Inside are more dryly technical columns...
...spruce up its wilting New York centerpiece, the company turned not to outsiders, as other retailers have done when seeking fresh ideas, but to a seasoned, home-grown executive: Edward Finkelstein, 52, president of Macy's of California. Finkelstein quickly sized up the New York store as lacking "verve, excitement and ambience." Its most important good feature, though, was its oldest one: size. Finkelstein seized upon Macy's caverns as he began the rebuilding job. Says he: "It's a beautiful building. It's a good rectangle for fooling around in modernizing...
...figured that he would need the space for displays to get Macy's out of the budget business and upgrade its image as a family store. Says Finkelstein: "What New York needed was a department store that would talk to families in the middle and upper-middle income groups. There are many stores for the lower-middle income group-Korvettes, Alexander's-and Bloomingdale's is for the upper-middle and upper-upper." At the same time, he wanted to attract younger customers who are more conscious of their own needs, less of their children...
...Finkelstein started his campaign in Macy's basement, one of the first bargain basements in U.S. retailing. He abolished it and created the Cellar, actually a tiled "street" lined with spacious shops for gourmet food, cutlery, stationery and kitchenware and an art gallery. At one end is a reasonably accurate replica of P.J. Clarke's, the Irish pub in midtown Manhattan that stands just as it was built in the 1890s. Demonstrations run continually: a potter handcrafts vases in the pottery shop. On upper floors came other changes: a massive children's store on six, divided into...
Analysts praise Finkelstein and crew for slipping Macy's into the modern mainstream of U.S. retailing, and for brightening an important slice of a weary urban America. Financially, the effort is paying off. Business this year-boosted by Sunday openings-could reach nearly $200 million, up more than 10% from last year. Finkelstein anticipates a record Christmas. That speaks loudly to other retailers again looking at once-laggard Macy's Herald Square. It has something to show off these days...