Word: jeronimo
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Dates: during 1960-1969
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...visit to New York in 1956, the young Mexican was fascinated by its bustling discount stores, spent most of his time studying their price cuts and pragmatic merchandising. "This is a revolution that is here to stay.'' Jeronimo Arango Jr. wrote his two younger brothers in Mexico City. "We'll go into it when I get back." They did, opening Latin America's first tienda de descuento in Mexico City. Today, having been paid the flattery of imitation by dozens of other Latin American stores, the pioneering Arango brothers-Jeronimo, 37, Placido, 32, and Manuel...
...grimly, traveled to Acapulco, Monterrey, Guadalajara and beyond to get their merchandise. They sponsored a television show called The 64,000-Peso Question, used some air time to whip up public opinion. The turning point came when the Arangos opened two new stores. ''They knew then," says Jeronimo, president of the chain, "that we weren't any fly-by-night operation. We were in business forever...
...distributors are right in Mexico City), the Arangos make a 5% profit on their operation, compared with an average 2% made by U.S. discounters. The brothers are aiming for 1963 sales of $25 million, are considering expanding out of Mexico, but have ruled out South America because, says Jeronimo, it is "too unstable...
...time being, they will concentrate on Mexico City, where they cruise about in their Mercedeses looking for likely sites on which to place what they hope will be 40 more stores in the capital alone. "These boys have done something for Mexico," says Jeronimo Arango Sr., surveying his sons' work. "And for ourselves," adds Jeronimo Jr. with a grin...
...Arangos have had better luck than one of the originators of chain discounting that Jeronimo Arango studied in New York. In Manhattan last week, with $4,000,000 in bills piled up, Masters, Inc., filed a bankruptcy petition. Masters, which has seven stores in the New York area and four more in Pennsylvania and Florida, blamed its fall on too rapid expansion and poor store locations...