Open Mind Level 1 Workbook Pdf
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The book itself is extremely easy to understand with facts and figuresÂ .Master Regal
Master Regal was a company founded by the Chicago-area entrepreneur Lawrence A. Stern. It was the first chain of retail food stores based on promotions and coupons.
Master Regal was founded in Chicago in 1946 by Lawrence A. Stern, who served as company president until his death in 1972. The company’s stock was listed on the New York Stock Exchange for 19 years until its delisting in 1972.
The business model centered on two concepts: the discounting of products and coupons redeemable at stores for merchandise. This was first implemented by retail merchants such as R. H. Macy & Co., and Sears as a form of product advertising.
As a result of the Great Depression, during the 1930s much new retailing was built out of necessity. As a means of advertising, discounting provided a way to reach customers who may not have previously been willing to shop.
In 1946, Stern himself was the proprietor of a successful discount store in Chicago, Merchandise America. In 1946 he partnered with Royal Crown Candy, and Royal Crown became a division of Master Regal. However Stern’s rising influence inside the company led to an on-again, off-again relationship with Royal Crown’s Walla Walla, Washington, owner Earl Hansen. The fickle nature of the business led Hansen to term Stern a “foreigner” and a “scarecrow.”
Stern would leverage his own resources and contacts to win over the Royal Crown and Hansen.
By 1953, the company had sales of $10 million. By 1956, the company grew to $29 million in sales, and by the time Stern died in 1972, Master Regal was at $100 million in sales.
The flagship store was at 85 West Jackson Boulevard in Chicago, and there were 148 stores in 24 states by the time Stern retired in 1972.
In the 1980s, Stern’s son, Lawrence L. Stern, who served as company president,
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