Wednesday, May 6, 2020

Fewer Choices, Greater Profits Retail Corporations And

Fewer Choices, Greater Profits: Retail Corporations and the Driving Out of Small Business Prior to the 20th century, the American economy was fueled by manufacturing; production was vital in the advancement of the nation. Retailers were generally small-scale, specialized niches, located within the largest cities throughout the United States. A change in how one would typically consume occurred during the 1870’s with the rise of A.T. Stewart’s Marble Palace, one of the nation’s largest stores in New York at the time. Featuring four stories of Tuckahoe marble, the Marble Palace would be an innovation that would change consumption in the United States forever. Stewart paved the way for competing retailers in that he understood the idea of†¦show more content†¦Sachs issued bonds in the sum of $2 million, allowing Siegel to receive enough financing to purchase real estate in the Manhattan area. The store would open at six stories high, feature a giant greenhouse, roof-garden restaurant, and a two-hundred-foot tower. Many firms would soon follow t his business model as retailers such as Marshall Field’s, Carson, Pirie, and Macy’s received financing from investment banks to expand their department stores within their respected local markets. These department stores would now house a variety of goods, such as a yard goods, ready-made clothing, pianos, monkeys, lions, among other products. By 1910, Macy’s was conducting the largest domestic rug business in the country at Thirty-Fourth Street and Seventh Avenue in Manhattan, and Wanamaker’s in Philadelphia had the â€Å"finest bookstore in the United States,† soon to be surpassed by Marshall Fields of Chicago, which would exceed in volume and sales any other such business â€Å"in the world.† With the help of investment banks, Sear Roebuck and Company would receive millions of dollars in financing from the distribution of equity, allowing them to have enough capital necessary to expand. This period of rapid expansion caused by the finan cing of investment banks led to the emergence of modern merchandizing, which began to overshadow the traditional, small retailer who could not compete with the affordable prices of the retailShow MoreRelatedCorporate Fraud, Greed, Corruption, And Ethics1598 Words   |  7 PagesMay 1985 InterNorth acquire Houston Natural Gas for $2.4 billion. 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