Word: woolworth
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...make Kresge "an outstanding five-and-ten-cent syndicate." That did not jibe with President Harry B. Cunningham's idea of his job, and he rose to his feet and said so. Smilingly, he reminded everyone that the nation's third largest variety chain (after F.W. Woolworth and W.T. Grant) has expanded far beyond its old dime-store stage and is, in fact, quite a different creature. This small semantic difference highlights a new philosophy that has set all the variety chains off on their biggest spree of change and expansion...
...Newberry (548 stores) has opened 24 department stores under the name "Britts," and S.H. Kress is busy with plans to redesign the interiors of many of its 270 variety stores to make them look less jumbled. Declaring its intention of becoming the world's biggest discounter, giant Woolworth (4,192 stores in North America and Europe) has opened 16 "Woolco" discount stores and expects to add 11 more within a year...
...chains still stock plenty of merchandise that is tasteless or downright tawdry, but they are also selling more and more higher-quality, higher-profit items. Kresge's K-Marts now offer some 35,000 items, including such new additions as hi-fi sets and frozen string beans. Woolworth's stocks diamond rings at $99.95, electric organs at $79.95 and canned Scottish pheasant at $6.98, has become the nation's largest retailer of records (40 million last year) and paperback books (15 million). Already the world's largest restaurant chain (1,706 luncheonettes), it is also planning...
Paint & Profits. To keep up with change, the chains are rapidly adopting self-service (Woolworth now has it in 80% of its stores) and moving toward larger stores. Grant's new centers sprawl over 31 acres of floor space. Woolworth is placing most of its new stores in downtown areas instead of suburbs because President Robert C. Kirkwood senses "a trend of rejuvenation in the center city." In declining fringe neighborhoods, Kresge has converted its old and unprofitable stores into small-inventory cut-rate stores that sell only limited lines-the fastest selling shades of paint, the most...
Married. Lance Reventlow, 28, auto-racing son of Woolworth Heiress Barbara Hutton; and Cheryl Holdridge, 19, California-born starlet (A Summer Place); he for the second time (his first: Jill St. John); in Hollywood. Mom's wedding present: a $500,000 mansion in Benedict Canyon, near San Francisco...