History Of Macy 's A Company

2857 Words Mar 10th, 2015 12 Pages
History Of Macy’s:
Rowland Hussy Macy opened the first Macy’s on October 28 1858 on 204 & 206 Sixth Ave in New york, New York. In his store he specialized in selling Dry Goods but he also sold items like shawls, gloves, hosiery, and embroidery items like lace. Macy’s first day sales were only $11.06 however, “ On December 1, 1859, Macy’s first year’s sales total was $90,000, with an existing store inventory valued at $34,000. Significantly, Macy reported that advertising costs amounted to $2,800 a figure that was approximately 3 percent of total sales” (Grippo). This was a huge deal because most companies only spent about 1 percent of their total sales on advertising and did not make as much money especially in their first year of business. Macy’s also was the first store to have catalogs with all the items his store offered listed. In addition Rowland Macy developed the “odd pricing” strategy where, “ Almost all items were listed at one to three cents below the dollar, implying savings to the customer” (Grippo). This method pricing is now used to today by store worldwide. Since he used these clever techniques Macy’s stores attracted bargain shoppers and since no one can pass up a great deal his store became very successful.
A Year later in In 1877 Macy’s expanded the size of there store and became finally became a department store. Macy’s department store was the first store to sell items at the same price to every customer introducing advertised…

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