Word: stores
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Dates: during 1950-1959
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...worth more than $10,000 now. But Charlie Russell, who never could understand why people were willing to pay big prices for his work, had given a good many of them to his friends for a pittance, or swapped them for a $6 grocery bill at the general store...
Last week the chain's President Donald Robert Grimes, 47, announced plans to grow much bigger. By 1963, he hopes to have 10,000 store members, doing an annual business of more than $5 billion, compared with a 1952 gross of $2.3 billion* (and A. & P.'s volume for the year ended last Feb. 28 of $3.8 billion). I.G.A. retailers are spending almost $9,000,000 this year on 125 new supermarkets and enlargement of existing stores. Next year, another $10 million will be invested in stores...
When Don Grimes, a graduate of the University of Illinois, who had served an apprenticeship as an A. & P. store manager, joined I.G.A., there were 748 stores. He worked his way through several jobs, became assistant to the president after a three-year Army hitch, president when his father retired last year...
Thinking Big. I.G.A. stores, which have expanded into Canada, run all the way from small stores, which may gross as little as $50,000 a year, to the "Foodliner," which grosses an average of $90,000 a week. To the central office, grocers pay $600,000 a year in dues ($5.75 a month per store) and special service fees. In return, they can buy at a low markup (3½% to 4%) from wholesalers, get window posters, market information,and help with anything from store budgeting to personnel problems. Another $650,000 a year is paid to Food Brokers...
I.G.A. offers a member so many services, says Grimes, that "all the grocer has to do is unlock the front door and exercise his gifts as a salesman, a likable guy and a square businessman." Says successful Grocer Garofalo: "I've got supervision and store planning and help. I'm a happy man. I'm thinkin...