If you start one, remember to send me a check for giving you the idea. In 1995, Grand Union, Caldor, Edison Brothers, Bradlees, Jamesway, and Petrie Stores all filed for bankruptcy protection. Caldor's filed right before their Christmas rush, and K-Mart was probably considering it. This proves that over-stored America's retail consolidation continues. If it doesn't matter if hems are up or down and there is no must-have fashion item, then the closet wins, according to Michael Weiss, Vice Chairman of The Limited.
Most consumers believe that buying at discount is an inalienable right.
Therefore, unit sales of fashion merchandise are up, but at discounted prices. Terry Lundgren, CEO of Federated Merchandising, says that the way to combat the commodity-like, sameness of merchandise that can be found at every store is to work with vendors to create specialized products for specialized customers at believable prices. Weiss counsels that America doesn't need a recycled retro look, but a new look that everyone wants to wear. It is then up to each specialty retailer to interpret and position this new style to its different consumers uniquely. Mobil Oil wanted to learn how to get customer in and out of its service stations fast.