Word: store
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Dates: during 1950-1959
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Taking aim on Ward's $700 million store chain and mail-order business, second biggest merchandising enterprise in the country, was a big job for any man . But Wolfson is used to big jobs. In 22 years he has parlayed a $5,000 investment into a $200 million industrial empire. Since 1949, he has bought control of the big Merritt-Chapman & Scott construction company, the Washington, D.C. street-transportation system, the New York Shipbuilding Corp., the 200-year-old paintmaking Devoe & Raynolds Co.. and a hatful of smaller concerns...
...ready for Macy's." When spry old (69) Founder Nathan M. Ohrbach (rhymes with floor tack) unlocked the plate-glass doors, he barely got out of the way in time before the mob rushed in. By closing, 100,000 people had jammed into the new store, spent more than...
...Look. The customers who followed Ohrbach's uptown found a big change from the cluttered aisles and creaky flooring of the old store. The new Ohrbach's (actually the 47-year-old James McCreery department store, remodeled) sported carpets of grey and buff, walls of pastel pinks and blues, modern display cases, more try-on rooms. But nothing was changed in the business methods that have made Ohrbach's a phenomenon of U.S. merchandising...
...operating on a cash-and-carry basis, Ohrbach's keeps its operating expenses down to 17% of sales (v. the department-store average of 35%), and holds markup down to about 20% (v. the average 40%). By eliminating sales slips. Ohrbach's saves time and trouble for clerks. And by a fast system of recording price tags, Ohrbach's can give each of its 150 buyers a detailed account of the previous day's sales; hot items can be reordered before their sales appeal cools. Twice a week buyers examine the coded sales tags, mark down...
Command Performance. In Sacramento, the Sutter Sales Co. lost four air-conditioning units to burglars who took literally the store's advertising slogan, "Come in and steal...