Word: penneyer
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...invite a pitch or a major chunk of their business may walk out. When New York's N W Ayer celebrated its victory last week in capturing the $30 million Bayer aspirin account, the agency was still smarting from the loss two weeks earlier of the $65 million J.C. Penney account. Advertisers are flexing their spending muscle more aggressively than ever before. Even longtime clients feel little loyalty anymore to their agencies. As a result, ad firms are raising the stakes too, regularly raiding one another for business, and everyone is feeling the strain. Says Jerry Siano, chairman...
Depressed towns like Fort Madison (pop. 11,200), the original home of the Sheaffer Pen Co., are nevertheless willing to gamble on their future. The town has already known its share of heartbreak. In 1976 lightning struck the local J.C. Penney outlet and burned it down; it was never rebuilt. Through the 1980s, the town's largest employers -- Sheaffer and Chevron -- staged devastating layoffs. Although citizens liked to boast that Fort Madison was "a place where you can raise kids," many drifted away; since 1987 the town's tax base has dwindled 20%. To attract Goldstein and his $10 million...
Phone Your Mother! Phone Your Grandfather! But don't worry about writing. The Postal Service doesn't need your money. They do just fine, thanks, subsisting on junk mail from J.C. Penney and subscriptions to Vogue...
Then there's the "if you can't beat 'em join 'em" approach. Sears and J.C. Penney have placed catalog outlet stores at the new discount malls. Upscale Ann Taylor has two clearance centers at megamalls. Even Saks opened its first outlet in Philadelphia's Franklin Mills. "Like it or not, it's the wave of the future," says Sid Mayer, Saks' senior vice president of merchandise liquidation. "Traditional department stores were in trouble anyhow. Discount malls are a necessary evil...
...emphasizing family ties this year. Montgomery Ward has donated $2 million worth of VCRs and videocams to the U.S.O. for American troops stationed in the Persian Gulf. Families of servicemen and -women are invited to go into the chain's stores and videotape holiday messages for them. The J.C. Penney's in East Brunswick, N.J., is kindling the holiday spirit with a giveaway. Customers can get a $10 discount on new coats by turning in any old coat; the used garments are then donated to the needy...