Word: lazaruses
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This week, the Boston Store got a new owner: Federated Department Stores, Inc., headed by wide-awake Fred Lazarus Jr. (TIME, Feb. 1, 1937, et seq.). In the deal, Lazarus exchanged 292,600 shares of Federated common stock (market value: about $8,000,000) for the Boston Store stock. But the Boston Store will be run, as before, by President Richard Herzfeld...
King Customer. What had caused the drop in retail sales? Most retailers blamed the unseasonal warm weather. But Fred Lazarus Jr., president of the Federated Department Stores, Inc., thought the trouble was something more than that. His chain had just increased its profit 27%-on a sales increase of only 13.6%-to a record of $12 million for the year ended in October. But, like others, Federated felt the November slump. Said Lazarus: "The market has become a buyers' market. The day of honest-to-goodness merchandising is back...
...that the cost of materials had fallen but manufacturers and wholesalers, loaded with goods made at higher costs, were still trying to get the old prices. Retailers wanted new stock at prices reflecting present costs. To move old stock they were trimming price tags to that level. Nevertheless, Lazarus felt that price cuts and better quality goods would boost December sales enough to take up November's slack, and more...
...Lazarus has long held that the only way department stores can maintain their profits when the current boom slacks off is to make it possible for every clerk to serve more customers. To make this come true in Houston, he hired Manhattan Designer Raymond Loewy and associates to lay out a $12,000,000 store that would make selling more efficient...
...first week in the new store, Fred Lazarus was sure he had something. The week's gross: about $1,050,000. Lazarus could hardly expect business to stay as good as that, once the novelty wore off. But the mechanical gadgets are expected to boost the average yearly sales of clerks from 30% to 50% over stores of older design. Lazarus was sure that he could gross $24 million a year, 50% more than the old store's take...