Word: retailing
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Dates: during 1960-1969
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While Common Market planners pursue their goal of free trade, businessmen of the six member nations have continued an older tradition: that of boundary-crossing deals through which manufacturers, in order to sandbag their competition, award exclusive sales rights to retail distributors. Now, in a long-awaited decision involving one such arrangement between Grundig, a West German electronics giant, and Consten, a French retail distributor, the Common Market has moved to topple the restraint-of-trade tradition...
...strike heaped up confusion and distress, humor and heartbreak, unevenly. New York lost an estimated $500,000 a day in tourist trade, retail sales and entertainment spending, while in Chicago, 50,000 conventiongoers jammed hotel space. Air Force Reserve and Air National Guard pilots airlifted some 4,000 strike-stranded servicemen to their destinations, including 1,500 en route to or from Viet Nam. Yet some commercial flights went out as much as a quarter empty because overloaded phone lines deluded would-be passengers into thinking a trip to the airport would be useless...
Ozite is now shipping 1,000,000 sq. yds. a month (retail price $5 per sq. yd.) and expanding production 50% this year. Viewing the recovery of his company, which was founded 100 years ago as a tanners' cooperative, President Richard Kimmel vows: "We won't make the same mistake again by holding on to one product line and saying this is it." Kimmel has already added a foam-backed carpet for indoor commercial use, will doubtless find some way to move Ozite carpets into the living room...
...Puffs for Pastors. Born on a Penn sylvania farm, S. S. Kresge started as a salesman of pots and pans, became fascinated by the way his friends Frank Woolworth and John McCrory were overturning the old cracker-barrel retail concepts with their low-price, high-volume retail stores. In 1897, he gambled his $8,000 savings on a similar shop in Memphis. On the way up, Kresge pioneered in giving his employees sick pay and paid vacations, in 1925 was the first to discard the strict nickel-and-dime rule, began offering goods from 250 to $1 as well...
...company has moved westward to the Mississippi, expanding to 42 stores and 63 supermarkets from Hartford to St. Louis. All this requires a lot of administration, and Ferkauf is much too restless to sit around and tend to the details of the nation's fastest-growing retail chain. Result: though Korvette's sales since 1962 have more than doubled to $720 million, its profits in this year's first fiscal half (ending in January) have dropped 14%, to $7.9 million, and its stock is down from last year's high of 501 of last week...