Founder of Caldor Stores Dies at 101
Monday, January 10, 2022
The founder of Caldor stores — Carl Bennett — is dead at 101.
Caldor had a number of locations in Rhode Island including locations in Woonsocket, Lincoln, and Warwick.
At one time, it was one of the largest discount retailers in the region, but by the time 1999 rolled around, the company shut down all of its stores.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe New York Times writes, “Bennett, who transformed an $8,000 investment in a second-floor “Walk-Up-&-Save” store in Port Chester, N.Y., in 1951 into Caldor, the regional discount powerhouse chain that he sold three decades later for $313 million, died on Dec. 23 at his home in Greenwich, Conn. He was 101.
“… Bennett and his wife, Dorothy, blended their first names and business acumen to create one of the largest and most aggressive retailers in the Northeast, combining cut-rate pricing on quality brand-name goods with a liberal return policy," reports the Times.
"Mr. Bennett retired as chairman and chief executive in 1985, four years after his company was purchased by Associated Dry Goods, the owner of Lord & Taylor and other high-end department stores. By then, 100 Caldor outlets in seven states together had reached $1 billion in annual sales (the equivalent of about $2.6 billion today),” reported the Times. "Known as “the Bloomingdale’s of discounting,” Caldor reduced costs by paying suppliers promptly and thrived by stocking quality merchandise rather than irregular items and cheap goods from closeouts. They provided friendly and well-informed service, undercut competitors like W.T. Grant, Two Guys and Woolco and took over their stores when those retailers consolidated or went out of business."
Today, one of the few semblances of Caldor is the retro t-shirt company Local Vyntage which sells replication logo shirts.
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