Word: retails
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Dates: during 1940-1949
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Henderson will use his new powers in the same selective way he used his jaw. So far he has fixed only three formal retail ceilings (flashlights, tires and retreads, new cars), and he will probably continue to specialize in key wholesale and factory prices...
Britain tried to freeze retail prices as early as January 1940. But after the fall of France, the war budget soared, wages rose, unemployed went to work. More & more money competed for fewer & fewer goods. Inflationary profits were taxed out of circulation, wages were not. Labor opposed a wage ceiling; it demanded and got rationing, price ceilings, forced savings...
Albany's bright-eyed merchants rubbed their hands. Said one: "Business is so good I have to pinch myself." Customers were plentiful: some 300 R.A.F. cadets and their 65 officers, more than 2,300 Air Corps officers, cadets, enlisted men. Albany's retail trade, $10,000,000 in 1940, jumped about 30% last year...
Same week, members of the National Retail Dry Goods Assn. gathered in Manhattan for their 31st annual meeting, 6,000 strong, to discuss wartime retail problems. They knew their record 1941 prosperity was not likely to last out 1942. They had been on a sort of spree themselves, selling the fat off a nation long pouchy with surpluses. Their 1942 problems: 1) to find enough goods to sell; 2) not to be caught overstocked by a reaction when hoarders go home sated, or when other consumers are kept home by higher prices and taxes...
Isaac, Adam's second son, was the spark plug. He started the tradition that every Gimbel should start at the bottom of the retail ladder, work up. Practically every male Gimbel since has done so, though not all stuck...