Word: jamesway
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Dates: during 1990-1999
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...Martha is the latest example of how consumers have forced retailers to deliver more value in terms of quality and class to the mass end of the market. A low price isn't everything, as a dozen now defunct or bankrupt discounters (Jamesway and Caldor, to name a couple) can tell you. The value trend also shows up in the success of retailers such as Gap's Old Navy Clothing and every outlet store you can think of. No one is going to mistake K Mart for Neiman Marcus, but K Mart can no longer draw shoppers with cheap...
Profits at Tiffany jumped 34%, to a record $39 million in 1995, even as mass merchants such as Caldor and Jamesway were trooping into bankruptcy court and closing hundreds of stores. Gucci, the once-moribund designer and retailer of fashion apparel, has come roaring back under Bahrain-based Investcorp, which said just last week that it plans to sell its remaining 51% stake in Gucci to the public for some $1.1 billion this year. Investcorp will also sell shares in its resurgent Saks Fifth Avenue chain this year, six years after buying the once-flagging operation...
...shake-out has already led to bankruptcy filings by such regional discounters as Caldor, Bradlee's, Jamesway and Edison Bros. Stores, whose core clientele are overleveraged households earning $30,000 to $50,000 a year. "This group is under extreme pressure, and the retailers who cater to it are in a recession," says Mark Zandi, chief economist for Regional Financial Associates, a Pennsylvania consulting firm...
...outlets like Sports Authority and Circuit City electronics stores) and discount kings with the nerve to sell a little flair. "The newer national chains have come in with better technology, better inventory control and better investing management than the older regional companies," concedes Michael Sherman, executive vice president of Jamesway. That situation forced the 34-year-old retailer to liquidate its merchandise and close its 90 East Coast stores...