Goldblatt's
Encyclopedia
Goldblatt's was a chain of local discount store
s that operated in Chicago, Illinois as well as Indiana
, Michigan
and Wisconsin
. Founded in 1914, the chain grew to more than twenty stores at its peak, gradually closing its stores in the 1990s and selling others to Ames before finally closing completely in 2000.
of the 1930s Goldblatt's did well, and the brothers were able to purchase several smaller department stores.
In 1936 Goldblatt's opened their State Street flagship store at State and Van Buren. Goldblatt's moved towards more upscale products and offered small appliances, a deli, and confectionary goods.
was met with little success; the store closed on November 27, 1948, following a unionization attempt by the employees. By the 1950s growth began to stall, with profits flatlining and new store openings averaging four a year.
By the mid-1960s retailers such as Kmart
, Woolco
, Zayre
, and Sears
were digging into Goldblatt’s market. Their expansion into the suburbs proved to be a difficult obstacle for Goldblatt's. Middle class shoppers were not enticed to shop at Goldblatt's. The company declared bankruptcy in 1981.
In 1982 Goldblatt's reopened with six stores. The mission of the company was restored to selling to the poor. Their flagship store, which was to be sold to City of Chicago under Mayor Jane Byrne
for a public library location, later sold to DePaul University when the Harold Washington
Library was built. Without the money from the City of Chicago Goldblatt's would have closed. Jerrold Wexler
helped save the firm from bankruptcy. By 1985 Goldblatt's was profitable.
However, changing markets, increasing competition, and old stores doomed the chain. Around 2000, Goldblatt's closed for good. In 2003, the company liquidated.
Discount store
A discount store is a type of department store, which sells products at prices lower than those asked by traditional retail outlets. Most discount department stores offer a wide assortment of goods; others specialize in such merchandise as jewelry, electronic equipment, or electrical appliances...
s that operated in Chicago, Illinois as well as Indiana
Indiana
Indiana is a US state, admitted to the United States as the 19th on December 11, 1816. It is located in the Midwestern United States and Great Lakes Region. With 6,483,802 residents, the state is ranked 15th in population and 16th in population density. Indiana is ranked 38th in land area and is...
, Michigan
Michigan
Michigan is a U.S. state located in the Great Lakes Region of the United States of America. The name Michigan is the French form of the Ojibwa word mishigamaa, meaning "large water" or "large lake"....
and Wisconsin
Wisconsin
Wisconsin is a U.S. state located in the north-central United States and is part of the Midwest. It is bordered by Minnesota to the west, Iowa to the southwest, Illinois to the south, Lake Michigan to the east, Michigan to the northeast, and Lake Superior to the north. Wisconsin's capital is...
. Founded in 1914, the chain grew to more than twenty stores at its peak, gradually closing its stores in the 1990s and selling others to Ames before finally closing completely in 2000.
Early beginnings
Goldblatt's was founded in 1914 by brothers Nate and Maurice Goldblatt. Immigrants from Poland, the Goldblatt family ran a grocery store and butcher shop on Chicago's west side. Nate and Maurice opened their first store near the corner of Ashland and Chicago Avenue. By 1922, the store recorded sales of over $800,000. By 1928 the brothers formed Goldblatt Brothers Inc. During Great DepressionGreat Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
of the 1930s Goldblatt's did well, and the brothers were able to purchase several smaller department stores.
In 1936 Goldblatt's opened their State Street flagship store at State and Van Buren. Goldblatt's moved towards more upscale products and offered small appliances, a deli, and confectionary goods.
Bankruptcy
By 1946 Goldblatt's was operating 15 stores with $62 million in annual sales. Things went well even as the Goldblatt brothers began to quarrel. In 1941, a one-store expansion into Buffalo, New YorkBuffalo, New York
Buffalo is the second most populous city in the state of New York, after New York City. Located in Western New York on the eastern shores of Lake Erie and at the head of the Niagara River across from Fort Erie, Ontario, Buffalo is the seat of Erie County and the principal city of the...
was met with little success; the store closed on November 27, 1948, following a unionization attempt by the employees. By the 1950s growth began to stall, with profits flatlining and new store openings averaging four a year.
By the mid-1960s retailers such as Kmart
Kmart
Kmart, sometimes styled as "K-Mart," is a chain of discount department stores. The chain acquired Sears in 2005, forming a new corporation under the name Sears Holdings Corporation. The company was founded in 1962 and is the third largest discount store chain in the world, behind Wal-Mart and...
, Woolco
Woolco
Woolco was an American-based discount retail chain. It was founded in 1962 in the city of Columbus, Ohio, by the F.W. Woolworth Company. It was a full-line discount department store unlike the five-and-dime Woolworth stores which operated at the time. At its peak, Woolco had hundreds of stores in...
, Zayre
Zayre
Zayre was a chain of discount stores that operated in the Northeastern, Southern and Midwestern United States from 1956 to 1990. The company's headquarters was in Framingham, Massachusetts. In 1988, the Zayre department stores were sold to the parent company of the competing Ames chain, and Zayre's...
, and Sears
Sears, Roebuck and Company
Sears, officially named Sears, Roebuck and Co., is an American chain of department stores which was founded by Richard Warren Sears and Alvah Curtis Roebuck in the late 19th century...
were digging into Goldblatt’s market. Their expansion into the suburbs proved to be a difficult obstacle for Goldblatt's. Middle class shoppers were not enticed to shop at Goldblatt's. The company declared bankruptcy in 1981.
In 1982 Goldblatt's reopened with six stores. The mission of the company was restored to selling to the poor. Their flagship store, which was to be sold to City of Chicago under Mayor Jane Byrne
Jane Byrne
Jane Margaret Byrne was the first and to date only female Mayor of Chicago. She served from April 16, 1979 to April 29, 1983. Chicago is the largest city in the United States to have had a female mayor as of 2011.-Early political career:...
for a public library location, later sold to DePaul University when the Harold Washington
Harold Washington
Harold Lee Washington was an American lawyer and politician who became the first African-American Mayor of Chicago, serving from 1983 until his death in 1987.- Early years and military service :...
Library was built. Without the money from the City of Chicago Goldblatt's would have closed. Jerrold Wexler
Jerrold Wexler
Jerrold Wexler was a noted American businessman. He was the brother of cinematographer Haskell Wexler and the stepfather of actress Daryl Hannah. Wexler was born in Chicago and attended Northwestern University....
helped save the firm from bankruptcy. By 1985 Goldblatt's was profitable.
However, changing markets, increasing competition, and old stores doomed the chain. Around 2000, Goldblatt's closed for good. In 2003, the company liquidated.