Word: retail
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Dates: during 1980-1989
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Simply put, the service economy is the sector that runs on trade and information. Of the nearly $2.3 trillion in private services generated in 1985, 27% came from finance, insurance and real estate. Retail business accounted for 16%, wholesale trade for 12%, transportation and utilities for 12%, and communications...
...just like retail stores, banks are offering a trade-off that they believe most customers will accept: more products in exchange for less personal service. Today's depositors with as little as $500 to invest will find that banks give them more possibilities than ever before. Banks now offer an array of money-management accounts and even discount stock-brokerage service. Banks have vastly improved upon old-time bankers' hours of 9 a.m. to 3 p.m. New York's Citibank boasts that 80% of its depositors use its 24-hour automatic-teller machines and that more than half...
...customer service into a billion-dollar annual business. The rapidly expanding chain, which has 45 stores in California, Washington, Oregon, Alaska, Montana and Utah, has drilled its staff incessantly with the venerable dogma that the customer is always right. Result: the chain's sales, 73% derived from women's retailing, passed the $1 billion mark for the first time in 1985 and reached an estimated $1.6 billion for 1986. Sales per square foot of space, a basic retail performance yardstick, is about double the average for the industry...
DESCRIPTION: Color: Three charts of Japanese yen, West German mark, South Korean won, changes against U.S. dollar, 1985, 1986, 1987, with suggested retail prices of principal exports of each country...
Khashoggi's most public debacle has been in Utah, where he was attracted by what he believed were prime development opportunities. The centerpiece of his $1 billion Salt Lake City project is the Triad Center, a $400 million, 25-acre complex of office buildings, a hotel and retail shops. Work stopped after only about a third of the glitzy complex was completed. Khashoggi refuses to cave in to Triad's creditors, among them architects, contractors and banks. "They loaned the money against the collateral, the Triad Center," he says. "Now they hear rumors about my cash-flow problems and call...