Word: molloy
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...rising prices and fearful of future economic tremors, U.S. consumers have turned cautious in their buying habits. They are shopping harder for bargains, postponing some planned purchases of costly items and hesitating about buying on credit. "We see a marked change over the past four weeks," says Ernest Molloy, president of Macy's, echoing a common sentiment among merchants. Caught in a pincers, they feel squeezed both by the rising costs of doing business and by mounting consumer resistance...
...make room for younger men," he passed most of his duties to a pair of carefully groomed, if nonfamily, successors. Macy's new chairman is Donald B. Smiley, 53, a lawyer and finance expert who has been vice chairman since 1966. The current president, Ernest L. Molloy, 62, succeeds Straus as chief executive...
...Archetype. As befits the familial heir,* Straus is not about to assume "a pensioner's schedule." He will head Macy's six-member executive committee, act as third man with Smiley and Molloy in a policy-making triumvirate...
More Strains. Macy's new top executives are more in the organization-man mold than Mr. Jack. Like Straus, President Molloy joined Macy's training squad right after Harvard ('29), later became boss of Macy's fast-growing California division. Macy's new chairman, Donald Smiley, has the salesman's open manner, yet is first to admit that he is "a nonmerchant." Macy's general attorney and then treasurer before he became vice chairman, Smiley will pursue the company's already sizable expansion program, which has added 13 new stores...
...special case. There the apartment shortage and the rent squeeze have become so bad that many office workers, professionals and young executives are reluctantly moving out to the suburbs, an exodus that bodes ill for the city's struggle to retain its middle-class population. President William J. Molloy of Molloy Bros. Moving & Storage, the largest affiliate of Allied Van Lines in the New York area, reports a 25% increase this summer in families moving out of Manhattan. "Business is so heavy we can't handle it," says Molloy...