Word: woolworth
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...Woolworth stores, America's icons, are closing [BUSINESS, July 28]? Oh, no! So many memories for me and my family. Great Aunt Cora introduced me to Woolworth's in Los Angeles when I was four. Thereafter, Woolworth's, except for the demands of the ice-cream truck, captured my weekly allowance. Christmas shopping was a magnificent, looked-forward-to event, carefully planned and executed at Woolworth's every Christmastime throughout my childhood. Mine were always the best presents--or so I thought. Then, just last year, my daughter told me that she had gone to Woolworth's for the lipsticks...
Last week, when Woolworth announced it was closing its 400 remaining F.W. Woolworth stores and laying off 9,200 people to focus on selling shoes and accessories, it seemed that another American icon was being swept aside by the cruel winds of change. Yet Woolworth suffered not from forces beyond its control so much as from generations of five-and-dime management of the 118-year-old chain. In the '60s the company was late in following its customers to malls, and its attempt at a discount chain, Woolco, lasted just 20 years. Similarly, in the early '90s, Woolworth homed...
Many downtowns are reviving; yet other retailers have swiped huge chunks of Woolworth's business. Stores like Staples knocked off stationery, while drug chains like Rite Aid made deep inroads in variety goods. Current CEO Roger Farah, tired of trying to figure out how to sell notions, will convert many sites to FootLockers. Selling $100 Nikes is a much simpler--and more profitable--proposition...
...added to the Dow as the likes of Johns-Manville and Owens-Illinois vanished. The early '90s saw Disney and J.P. Morgan added, while Navistar and USX got the boot. With the latest changes, which take effect this week, the Dow has morphed further from its heavy-industry roots: Woolworth, Westinghouse Electric, Bethlehem Steel and Texaco are being replaced by Wal-Mart Stores, Travelers, Johnson & Johnson and Hewlett-Packard...
...Burt consciously breaks rules with bar lines," says Costello. "He's breaking the meter, but it still feels natural. And he expresses feeling so much better than the trumped-up romantic ballads of today, where the emotions seem to have come off a shopping cart at Woolworth...