Goldblatt's
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| Goldblatt's | |
|---|---|
| Fate | Liquidated |
| Founded | 1914 |
| Defunct | 2003 (final liquidation, all stores closed by 2000) |
| Location | Chicago, Illinois |
| Industry | Retail |
| Products | Clothing, footwear, bedding, furniture, jewelry, beauty products, electronics and housewares |
Goldblatt's was a chain of local Chicago discount stores that is now defunct. It operated stores in Chicago as well as Northwest Indiana.
Contents |
[edit] History
[edit] Early beginnings
Goldblatt's was founded in 1914 by brothers Nate and Maurice Goldblatt. The Goldblatt family immigrated from Poland; on Chicago's west side they ran a grocery store and butcher shop. Nate and Maurice opened their first store near the corner of Ashland and Chicago Ave. The store served the needs of the community and did very well. "By 1922, the Goldblatt brothers recorded sales of over $800,000."[1] By 1928 the brothers formed Goldblatt Brothers Inc. During the Great Depression of 1929 Goldblatt's did exceedingly well, 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. Goldblatts moved towards more upscale products including, small appliances, a deli, and confectionary goods.
[edit] Bankruptcy
By 1946 Goldblatts was operating 15 stores with $62 million in annual sales. Things went well even as the Goldblatt brothers began to quarrel. In 1949 a one store expansion into Buffalo New York was met with little success. By the 1950s the store’s growth began to stall with profits flat lining and new store openings averaging only 4 a year. By the mid 60s 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 too enticed to shop at Goldblatt’s. The company declared bankruptcy in 1981.
In 1982 Goldblatts reopened with 6 stores, the mission of the company was restored to selling for the poor. Their flagship store was to be sold to City of Chicago under Mayor Jane Byrne for a public library location,[2] 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 also helped save the firm from bankruptcy.[1] By 1985 Goldblatt's pulled out of bankruptcy profitable.
However, changing markets, increasing competition, and old stores doomed the chain. Around 2000, Goldblatts closed for good. In 2003, the company liquidated.
[edit] Ames
Shortly after Goldblatts closed its stores, discount retailer Ames purchased 7 stores. "In April 2000, [Ames] Company consummated its purchase of the leases for seven stores from Goldblatt's Department Stores, Inc. for a cash purchase price of $7.6 million."[3]
[edit] Former Locations
[edit] Illinois
- Champaign -- Country Fair Shopping Center (Mattis Ave. & Sprinfield Ave.)
- Chicago -- State Street
- Chicago -- Chicago Avenue and Ashland Avenue (a Chicago Landmark)
- Chicago -- Madison and Pulaski (Crawford) Avenue
- Chicago -- Belmont and Central Avenue
- Chicago -- Broadway and Racine Avenue
- Chicago -- 26th Street and Christiana (now a fruit market CERMAK PRODUCE?)
- Chicago -- 47th Street and Ashland Avenue
- Chicago -- 79th Street and Cicero Avenue
- Chicago -- 87th Street and the Dan Ryan Expy
- Chicago -- 91st Street and Commercial Avenue
- Crest Hill -- Hillcrest Shopping Center (1959-1982 and 2002) (now Food 4 Less)
- Elmwood Park -- Harlem & Grand Avenue
- Hillside -- Hillside Shopping Center (torn down)
- Homewood -- 175th Street and Halstead
- Joliet -- Cass and Chicago Streets, closed 1959 (moved to Hillcrest Shopping Center, Crest Hill)
- Lombard -- Butterfield Road (furniture store, home center)
- Markham -- 159th Street and Kedzie Avenue (now Fairplay and Dollar Tree)
- Niles -- Oakton Street and Waukegan Road [Lawrencewood Shopping Center] [torn down]
- Morton Grove -- Waukegan Road and Harlem Avenue (old EJ Korvettes store)(previously Niles location)
- Mt. Prospect -- corner of Central and Rand
- Park Forest -- Park Forest Plaza (1950-1982) (torn down)
- Rockford -- Rockford Plaza on Charles Street, near Rockford Avenue
- Waukegan -- Waukegan Township Shopping Center, Lewis Avenue
- Decatur -- Fairview Plaza until 1980
[edit] Indiana
- Gary -- Broadway (Downtown)
- Gary -- Gary Village Mall
- Hammond -- Hohman Avenue and Sibley Avenue (Downtown)
- Merrillville -- Century Consumer Mall
- Mishawaka -- McKinley Avenue and Logan Street
