Word: retailing
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Dates: during 1960-1969
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...savings and loan associations, which had been strapped for mortgage funds a year earlier, were deluged with deposits. Thus housing became the year's comeback industry, climbing from an annual rate of 1,111,000 private starts in January to 140% of that level. On the other hand, retail sales-which normally account for two-thirds of what consumers spend.-rose barely faster than consumer prices, which jumped 21%, on top of a 3% gain...
While 1967 retail sales are expected to wind up 4% ahead of last year's level- at a record $314 billion- a sizable chunk of that increase reflects inflationary rises in retail prices rather than growing consumer demand. The effects of inflation-are also disturbingly apparent in the burgeoning costs confronting merchants for labor, promotion and goods. Because of the cost squeeze, retailers may well have trouble maintaining profits unless there is a substantial increase in their sales volume...
...construction, a similar improvement is likely in the sales of such durable goods as major household appliances and home furnishings. With soft goods already running strong (this year's Christmas gift favorites include such items as lime-scented shaving lotions, textured hose and men's turtleneck sweaters) retail sales rung up during 1968 could increase by as much...
During the past decade, while British department stores share of retail trade was shrinking, John Lewis' sales rocketed 130%, to $154 million in 1966. Sales are up another 7% and profits up 40% in the first half of this year. In household goods and dress materials no British store can match the John Lewis record for sales per square foot of space. An unusual trading policy and an even rarer company structure, in which all 17,000 employees are "partners" sharing in profits, have paid off handsomely...
...expanded operations, notably by opening 15 supermarkets, but kept to the company motto, "Never knowingly undersold." Any customer who finds an item he bought at John Lewis selling for less elsewhere can get a refund of the difference. In line with its low-price policy, John Lewis has fought retail price fixing for decades. Only last summer the company had it out with the makers of Cadbury's chocolate, and sweet-toothed Britons gleefully watched the retail price of candy crumble...