Word: overbuilding
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Americans love to overbuild their homes. We put ranges in our kitchens with enough BTUs to light Paris at Christmas, then use them to reheat Domino's. Some even frill up their laundry rooms with stereos and $5,000 mini dry cleaners. So it shouldn't be surprising that rich people are now moving the overdesigning craze outside, to their pools and decks...
...expansion project, five years in the works, clearly illustrates two valuable lessons the company has learned about how to make money in the theme-park business. The first lesson is, don't overbuild. Disney learned that the hard way in France, where the overly ambitious Disneyland Paris forced the company to take a write-down in 1993. "We probably built too many hotel rooms and sized the park a little larger than we needed to," admits Pressler. When it came to expanding in Anaheim, he says, "we wanted to make sure we were building smaller than we feel the demand...
...grumbles are even louder ashore. With gold-rush enthusiasm, businessmen overborrowed-took short-term loans at interest as high as 28%-to overbuild. "They are operating in a sea of lOUs," says Victor Riveros, editor of Peru's fishing-industry journal Pesca. The industry now has a capacity of 2,000,000 tons of fish meal a year, or nearly double what it expects to sell. As a result, most of the country's 156 plants are operating at half speed; 30 are closed altogether. Last week workers marched in and seized one plant on account of three...
...steelmakers, whose fast recovery from the steel strike led steel users to overbuild inventories in the first quarter, had a bad second quarter as orders fell off and production dropped below 50% capacity. Earnings of U.S. Steel were $3.35 per share in the first half of 1960, down from $4.50 last year. But Big Steel Chairman Roger Blough predicted a "modest and gradual rise" in output for the rest of the year, forecast that the mills would operate at 55% of capacity in the third quarter. Jones & Laughlin first-half earnings were $3.24 v. $5.31 in 1959. Bethlehem earnings dropped...
...their trade. The British thought that something might be done: 1) to limit the size and armament, but not the number, of various classes of naval vessels, 2) to have each nation privately inform the others of the tonnage it intends to build so that no one need overbuild out of fear of being caught napping in the naval race. Exit Bigwigs? Though the British plan will be presented to the Conference, the Conference itself will not be the kind for which the British hoped. Japan started things off wrong by picking as delegates two such distinguished figures as Admiral...
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