Word: retailing
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Dates: during 1990-1999
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...count the World Trade Center twice), the Stratosphere opens with 1,500 rooms and 97,000 sq. ft. of casino space, and a promenade with a handsomely designed World's Fair theme. By year's end Stupak hopes to have completed an additional 1,000 rooms, a retail mall, a giant pool and a King Kong-size gorilla ride--a 70-ft.-high mechanical ape that will climb up the building with happily terrified passengers inside...
...crops, and the populations begin to adopt Western-style diets rich in meat and eggs. The upshot: grain supplies drop and prices rise. "What this may mean for American consumers," says TIME's Tom Curry, "Is that, even though the grain itself is only 18 cents of the $3.39 retail price they pay for corn flakes, they may soon find themselves paying more for chicken, pork, soft drinks (made with high fructose corn syrup), pastries, vitamins (such as Vitamin E made from soybean oil), ethanol, and other products...
Rouse, who lived with his second wife in a lakeside house in Columbia, next turned to the aging inner city for a new and profitable crusade. In Boston he took over three run-down 150-year-old buildings and turned them into a lively complex of offices, retail shops, food stalls and restaurants. Within four years of its opening in 1976, Faneuil Hall was drawing 15 million visitors annually. It inspired Rouse to try a similar restoration job at Baltimore's Inner Harbor. Harborplace, which opened in 1980, had its detractors (a critic called it "Atlantic City's boardwalk with...
That helps explain why the casinos' record on spurring nongambling economic growth is so spotty. Local restaurants are often squeezed out by cheap in-house casino eateries. Atlantic City, New Jersey, lost about a third of its retail businesses after casinos moved in and former customers gambled away their discretionary dollars. In South Dakota, when slot machines were legalized to revive the Black Hills resort of Deadwood, the three car dealerships, the hardware store, the clothing shop and the local Taco Bell all converted into mini-casinos--a more lucrative business, gutting the town's retail base...
This gap shows up dramatically on the selling floor. Isaac Lagnado, publisher of Tactical Retail Monitor, an industry newsletter, estimates that sales of designer items such as $200 Hermes scarves and $1,745 Chanel handbags grew a whopping 18% last year, to $30 billion, while sales of general merchandise--everything from toys to towels to T shirts--rose only 4.5%, to $575 billion. "The low end is tapped out," says Merrill Lynch analyst Peter Caruso. Indeed, credit-card delinquencies are at a 10-year high. And feeble sales growth has forced discounters such as Wal-Mart, K Mart and Toys...