Word: lazaruses
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MOST major department stores are dominated by family dynasties-Macy's, Gimbels, Neiman-Marcus, Atlanta's Rich's. The biggest dynasty of all is perpetuated by the descendants of German immigrant Simon Lazarus, who settled in Columbus in 1850 and started a store that eventually blossomed into Federated Department Stores, the largest U.S. department-store chain. Federated's 60 outlets include New York City's Abraham & Straus and Bloomingdale's, Boston's Filene's, Miami's Burdine's and Houston's Foley's. Last week President Ralph Lazarus...
...that is only part of the story. Because the new economy has created some built-in balances, it may well be that the enthusiastic consumer will seldom again feel that he needs to save as much as before. One businessman who believes so is Federated Department Stores' Ralph Lazarus, 49; he began in the bargain basement and is now president of his family-run chain, which extends from Filene's in Boston to Foley's in Houston. "The American consumer now enjoys profit-sharing, private pension funds, health insurance and social security," Lazarus points out. "All this...
...consumer-"optimistic, materialistic, hard-working'' is the way Lazarus characterizes him-is now in debt to installment lenders on the average of $860 per family, an increase of $70 in the last year. More than ever before, credit has become socially acceptable, even among those who can afford to pay cash. But, at the same time, the consumer seems to be keeping his head: repayment rates are now rising faster than new loans...
...capital spending. At first, businessmen regarded these gestures as inadequate and unimportant, but their accountants soon got busy and showed them the savings they could make. "I think we've all been surprised at the amount of help it's given us." says Federated's Lazarus...
...from 1962. F. W. Dodge Corp., the Boswell of the construction industry, says that construction will be up 4% for the year. Insuranceman Fitzhugh, whose Met ropolitan Life lends almost $1 billion a year to corporations, reports that requests for capital loans have increased notably in recent months. Retailer Lazarus is planning to open more than 40 new stores over the next decade, adding to the 58 he already bosses. And in Detroit, G.M.'s Gordon says: "We could be looking at a situation not long from now when 8,000,-ooo or 9,000,000 car sales...