Word: markup
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Accepting the dictum that ''if you can't lick 'em. join 'em," old-line retailers are turning into discounters themselves. Discount sellers, who operate with a markup of 19% to 24% (v. 39% in department stores) have already captured nearly one-third of the nation's department store trade; and FORTUNE predicts this week that their sales in 1962 may well rise another 50%, to $7 billion. Two of the biggest U.S. department store chains-May and Allied-have branched into discounting. So have food chains such as Grand Union and Kroger, and five...
...that is scheduled for the block and select one of their number to bid on it while all the rest pledge themselves to remain silent. With the competition thus limited, the selected dealer gets the work at a low price. When he, in turn, sells it at a substantial markup, all the shareholders get a cut of the profit...
Down with Markups. As they move onto each other's turf, both camps have to learn a lot. Department stores, which operate on a 39% markup, will have to snip off enough frills to make a profit on the usual discount markup of 19% to 24%. (One way would be to put a greater proportion of their employees to work at actual selling; fewer than five out of ten department store workers now are salespeople, v. eight out of ten discount house employees.) Discounters will have to learn how to buy, sell (as opposed to mere order taking...
...crucial time, for the revolutionary spirit was incubating swiftly. While developing the country, the French were extracting every possible sou in profits; every salt worker had to sell his output to the French-controlled monopoly, which sold the salt back to the Vietnamese at a handsome markup; each village was required to buy its rice liquor at fixed prices from the French distillers; as for reform and freedom, there was not a word. "I saw the danger from the Communists," said Diem. "We had to have democratic reforms or it was clear even then that the Communists would...
...corporation-except to men with relatives in the trade. "A man's knowledge is his livelihood," explains Dealer David Ruff. "You make a decision a minute, and it's easy to make a costly mistake." Most wholesale dealers have small shops, sell at a 5% or 7% markup, employ brokers who do the actual leg work for a 1% or 2% commission. Nearly 80% of the West 47th Street trade is wholesale, but there is also a thriving retail business. ''There are some real bargains here." says one dealer...