Word: lothrop
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Dates: during 2000-2009
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...stores were boring, the service nonexistent and the merchandise ubiquitous without being interesting. "Department stores have lost sight of their customer. It's that simple," says Janet Hoffman, a San Francisco--based retail strategist for Accenture. Sales tumbled, and chain after chain of historic, family-owned retailers--Gimbels, Woodward & Lothrop, Wanamaker's, Montgomery Ward--closed their doors or were swallowed up by stronger companies. In 1980, about 35 major department-store chains were in business; today there are only 13. The merger is the category's last-gasp effort to save itself. "It represents the best chance to stop...