Word: retailing
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Dates: during 1960-1969
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...that the Pompidou government decreed (TIME, Aug. 22) is proving, as expected, difficult to enforce. The government has only 2,100 inspectors to watch for illegal price increases, which Frenchmen sardonically call la valse des etiquettes (the price-tag waltz). The inspectors must police hundreds of thousands of retail establishments; the number of shoe stores alone is over seven times the total number of inspectors. Of the first 618 stores checked by inspectors in the Paris area, some 150 had raised their prices illegally...
...NARCOTICS TRAFFIC, chiefly in heroin, is less lucrative than gambling, but still profitable enough, bringing in more than $350 million in revenue and $25 million in profits. Because of the risks involved in peddling drugs directly, Cosa Nostra once again contracts the retail trade to its sharecroppers, saving for itself the less dangerous and infinitely more profitable role of importer and wholesaler. The sums involved are substantial. By the time opium from Turkey, the chief supplier for the U.S., is processed into heroin and shipped to New York, it is worth about $225,000 per kilogram. The price to society...
...enthusiasm was for high finance-and for 48 years he multiplied his family firm's prestige and fortune. He was one of the first to see the enormous potential of aviation, helped bankroll the beginnings of American, Pan American and Trans World Airlines. He was a friend to retail merchandising when other bankers scoffed, was financial angel to many of today's largest firms. "I bet on people more than balance sheets," Lehman once told Litton Chairman Tex Thornton, who recalls: "I blinked my eyes a couple of times when I heard that...
...been hastened by the tendency of small investors in a declining market to with draw from direct trading and turn their business over to mutual funds and other professional investment management services (see following story). A great deal of Wall Street's retrenching involves firms that rely on retail brokerage for much of their revenue. So far this year, Manhattan-based H. Hentz & Co. has closed five of its 38 branches. Blair & Co. has dismissed 45 employees, and Thomson & McKinnon has furloughed 40 employees and suspended its training program for salesmen. Last week, Francis I duPont...
Capital Change. Despite all this, however, there are other signals that show a downturn in the overall economy. Retail sales leveled off months ago, and auto sales have turned sluggish. New orders for durable goods declined 3% in June. For the first time in eleven months, manufacturers were filling old orders faster than new business was coming in. So far in 1969, the gross national product has risen at a real annual rate of only 2.4%, compared with the 6% increase of 1968's first half. The real growth of the nation's economy has moved down...