Word: puckette
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...board chairman of Allied Stores Corp., the world's biggest department-store chain (72 stores in 24 states), B. Earl Puckett logs 100,000 miles a year in his private DC-3, uses much of the mileage to scout likely locations for super shopping centers. On the ground last week Puckett unfolded the latest results of his high flying: he plans to build a $238 million network of seven new centers (in addition to three already built), each dominated by an Allied outlet. Said Puckett: "The largest single expansion in the history of retailing...
...centers, scheduled for opening by 1957, are designed to serve regions (i.e., customers within 40 minutes' driving time) rather than smaller suburban areas. The first to go into operation will be the $30 million Bergen Mall at Paramus, N.J., expected to be the biggest U.S. shopping center. Puckett estimates that there are 1,588,000 customers within the 40-minute radius...
...lure them in, the center will have parking for 8,600 cars, 100 air-conditioned stores, which Puckett estimates will gross $2,000,000 a week. Added attractions: an auditorium seating 500 (for auto shows, square dances, etc.), two six-storied office buildings (one for doctors and dentists), several restaurants, a "Kiddieland," an outdoor ice-skating rink, bowling alleys, a carillon...
...Puckett's merchandising of unhappiness pushed Allied's profits from $25,000 when he took over to $13.7 million in 1950. Last week, as he puffed on a six-inch, 60? Havana cigar (he smokes 20 a day), 53-year-old Earl Puckett talked of a bigger aim. "When Hahn Department Stores was organized in 1928," said he, "they promised that it would become a $500 million-a-year company. We aim to make good on that promise...
...deal: Stern's will buy up and retire 42.8% of its stock (145,332 shares), paying stockholders $24 a share. Puckett will get 81% of the remainder (157,252 shares), from two big stockholders, Stern's President Thomas W. MacLeod and Manhattan's Manufacturers Trust Co., by trading them one share of Allied for two shares of Stern...