Small change
Carole Sloan, founding editor-in-chief -- Home Textiles Today, 3/24/2003
Heeding the observation that those who ignore history are doomed to repeat it, it's occasionally worthwhile to pause and review the events that have propelled the home textiles industry to its present state. And, what better way to do that than by perusing the pages of the industry's newspaper of record, Home Textiles Today?
That's what brought out the leaden bound volume of issues from 1993 and, in particular, the March issues leading up to spring market. Flipping through those pages might arouse a multitude of reactions: a raised eyebrow, a chuckle, and even a quiet "wow," as one recalls events and names that, in some cases, have long faded from memory.
The exercise can be mildly entertaining, if not instructional. And, it is instructional.
So, for any of those reasons — you may be the judge — the following tidbits are presented, mostly without comment. All are from March, 1993, a scant 10 years ago:
- Peter Thorner was promoted to president of Ames.
- Sears was in the midst of exiting its venerable 100-year-old "big book" catalog business. Fingerhut was positioning to fill that void.
- Caldor was opening four new stores in the Rochester, NY, market. The company said it saw great potential in Rochester. It also reported quarterly earnings pulled ahead 28 percent.
- Macy's said it was almost profitable, after 14 months in bankruptcy.
- The home store at Federated Dept. Stores was growing at twice the rate of the stores overall — under ceo Allen Questrom.
- Jamesway reported a $43 million loss in the fourth quarter.
- Bill Lavin was named chairman of Woolworth.
- Kmart, a still-close second-largest discounter, reported fourth quarter profits rose 11.7 percent.
- Bed Bath & Beyond's profits soared 40 percent.
- Kohl's profits "boomed" 49 percent — to $27 million.
- Target invaded Chicago. Chainwide, the retailer said it was betting on expanded home textiles in new superstores.
It's often said that the more things change, the more they stay the same. But it is also true that the more things change, the more things change.
