Community hub
Recent from talks
Knowledge base stats:
Talk channels stats:
Members stats:
Caldor
Caldor, Inc. was a discount department store chain founded in 1951 by husband and wife Carl and Dorothy Bennett. Referred to by many as "the Bloomingdale's of discounting," Caldor grew from a second story "Walk-Up-&-Save" operation in Port Chester, New York, into a regional retailing giant. Its stores were earning over $1 billion (~$2.47 billion in 2024) in sales by the time Carl Bennett retired in 1985, by which time Caldor was a subsidiary of Associated Dry Goods.
Despite its successes, Caldor suffered from financial issues by the 1990s. The company was liquidated and all 145 stores were closed by May 1999.
In 1951, while shopping at an E. J. Korvette store in New York City, newlyweds Carl and Dorothy Bennett were inspired to open their own discount store that would be different from the average postwar discount retailer. They envisioned a business that would emphasize quality of merchandise over less desirable, lower cost wares at prices 10 to 40 percent below the manufacturers' suggested list prices, along with department store level services such as well informed salespeople, merchandise guarantees, and a liberal refund policy. These turned into cornerstones of the sustained growth and success of the chain they went on to establish.
Later in 1951 the couple used their $8,000 savings (equivalent to $96,913 in 2024) to open a 9,600-square-foot store in a second floor loft in Port Chester, New York. They named it Caldor, a blending of their first names. Specializing in name-brand hard goods such as appliances, electronics, home furnishings, jewelry, and sports equipment for middle to upper middle class income yet bargain-conscious consumers. Their slogan, "Where Shopping Is Always a Pleasure", was more of a way of life for the Caldor team. Carl Bennett, who had been working as a wholesale liquor salesman for a Connecticut company, was born and raised in retail. His father owned a small grocery store in Greenwich, CT, where quality of merchandise and customer appreciation were key. Bennett credits his father for teaching him the retail sensibilities that he used to guide his company throughout the years.
With business growing steadily, the original store was replaced in 1953 with an expanded location in Port Chester, NY that also provided more modern amenities. A second Caldor was added in 1958, a 70,000-square-foot store in Norwalk, CT. This year also marked Caldor's introduction of apparel to its product line.
In 1961, with four locations, Caldor Inc. went public with Carl Bennett serving as president, director, and chairman of the board, and Dorothy as treasurer and director. Carl's brother Harry Bennett served as vice president. That same year fire destroyed the Norwalk store and all of its contents. Ever resourceful, Caldor continued to serve the Norwalk community by operating out of three temporary stores close to the damaged outlet, which was quickly being rebuilt. Despite this setback that destroyed nearly seven months of inventory, the company posted an increase in sales of approximately 43% over the previous year.
Part of Caldor's financial success was convincing vendors of Caldor's billing incentives. Caldor got most, if not all, of their vendors to agree to a 2% 10/net 30–60 format. This meant if they paid the vendors within 10 days of receipt, Caldor got 2% off or a net payment within 30 or 60 days.[further explanation needed] This saved the company a substantial amount of money which allowed them to pass savings on to their customers and to promote their extremely fast growth.
By 1963, Caldor had stores in Peekskill, NY, Danbury, CT, Hamden, CT, Norwalk, CT, and Riverside, CT, in addition to the original location in Port Chester, NY. Staying true to its belief in the benefits of regionalization each new store was planned close to Caldor's headquarters. In November of that year Caldor's common stock, which had split two for one in September, began trading on the American Stock Exchange.
Hub AI
Caldor AI simulator
(@Caldor_simulator)
Caldor
Caldor, Inc. was a discount department store chain founded in 1951 by husband and wife Carl and Dorothy Bennett. Referred to by many as "the Bloomingdale's of discounting," Caldor grew from a second story "Walk-Up-&-Save" operation in Port Chester, New York, into a regional retailing giant. Its stores were earning over $1 billion (~$2.47 billion in 2024) in sales by the time Carl Bennett retired in 1985, by which time Caldor was a subsidiary of Associated Dry Goods.
Despite its successes, Caldor suffered from financial issues by the 1990s. The company was liquidated and all 145 stores were closed by May 1999.
In 1951, while shopping at an E. J. Korvette store in New York City, newlyweds Carl and Dorothy Bennett were inspired to open their own discount store that would be different from the average postwar discount retailer. They envisioned a business that would emphasize quality of merchandise over less desirable, lower cost wares at prices 10 to 40 percent below the manufacturers' suggested list prices, along with department store level services such as well informed salespeople, merchandise guarantees, and a liberal refund policy. These turned into cornerstones of the sustained growth and success of the chain they went on to establish.
Later in 1951 the couple used their $8,000 savings (equivalent to $96,913 in 2024) to open a 9,600-square-foot store in a second floor loft in Port Chester, New York. They named it Caldor, a blending of their first names. Specializing in name-brand hard goods such as appliances, electronics, home furnishings, jewelry, and sports equipment for middle to upper middle class income yet bargain-conscious consumers. Their slogan, "Where Shopping Is Always a Pleasure", was more of a way of life for the Caldor team. Carl Bennett, who had been working as a wholesale liquor salesman for a Connecticut company, was born and raised in retail. His father owned a small grocery store in Greenwich, CT, where quality of merchandise and customer appreciation were key. Bennett credits his father for teaching him the retail sensibilities that he used to guide his company throughout the years.
With business growing steadily, the original store was replaced in 1953 with an expanded location in Port Chester, NY that also provided more modern amenities. A second Caldor was added in 1958, a 70,000-square-foot store in Norwalk, CT. This year also marked Caldor's introduction of apparel to its product line.
In 1961, with four locations, Caldor Inc. went public with Carl Bennett serving as president, director, and chairman of the board, and Dorothy as treasurer and director. Carl's brother Harry Bennett served as vice president. That same year fire destroyed the Norwalk store and all of its contents. Ever resourceful, Caldor continued to serve the Norwalk community by operating out of three temporary stores close to the damaged outlet, which was quickly being rebuilt. Despite this setback that destroyed nearly seven months of inventory, the company posted an increase in sales of approximately 43% over the previous year.
Part of Caldor's financial success was convincing vendors of Caldor's billing incentives. Caldor got most, if not all, of their vendors to agree to a 2% 10/net 30–60 format. This meant if they paid the vendors within 10 days of receipt, Caldor got 2% off or a net payment within 30 or 60 days.[further explanation needed] This saved the company a substantial amount of money which allowed them to pass savings on to their customers and to promote their extremely fast growth.
By 1963, Caldor had stores in Peekskill, NY, Danbury, CT, Hamden, CT, Norwalk, CT, and Riverside, CT, in addition to the original location in Port Chester, NY. Staying true to its belief in the benefits of regionalization each new store was planned close to Caldor's headquarters. In November of that year Caldor's common stock, which had split two for one in September, began trading on the American Stock Exchange.