Word: roebuck
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...proposed IDS acquisition would expand American Express's customer base and put it in direct competition with another new financial giant, Sears, Roebuck, for the middle-income market. IDS customers are mostly Midwesterners with incomes in the $30,000 to $65,000 range, slightly less affluent than the typical American Express client, who earns upwards...
Among the giant firms fighting it out in financial services, only Sears, Roebuck has directly targeted the mass market. The company is looking to married homeowners between the ages of 25 and 44 with an average income of $30,000. "We decided to stick with our traditional strength and go after Middle America," says Charles Moran, Sears vice president of corporate planning. Those are the kind of people who already shop in Sears, wandering past the 16 highly successful Financial Network Centers that have already been established. The outlets sell securities through Dean Witter, Sears' brokerage subsidiary, insurance with...
...happened in 1981, when banks were paying close to 18% for money, and retailers sometimes more than 20%. At the time, usury laws in nearly half the states set credit-card interest ceilings of 12% for balances of more than a few hundred dollars. Partly for that reason, Sears, Roebuck lost $83 million on its credit-card sales in 1981, while the Carter Hawley Hale chain of department stores dropped $74 million...
Principal Dale Johnson adapted the computerized tattletale from a similar device used by Sears, Roebuck to call customers. Some 50 school districts across the country have expressed interest in the gadget; the New York City and Chicago school systems recently purchased at least eight machines each. The $8,600 Telsols quickly earn their keep in schools that receive state funds on the basis of pupil attendance. Says Chicago Truant Officer Walter Bryant: "If we raise a district's attendance by nine students a day, we can pay for the machine in less than a year." Bryant believes that...
When Sears Roebuck & Co. acquired the brokerage house of Dean Witter Reynolds 13 months ago, the jeers from Wall Street could be heard as far away as Sears' Chicago headquarters. Old-line stockbrokers sniffed that well-heeled clients would not want to invest their savings with the same company that sold Craftsman power tools and Kenmore automatic washers. The giant retailer figured differently, and last July it opened Sears Financial Network outlets in eight of its 829 U.S. department stores to test the concept of selling "stocks and socks...