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July 08, 2005
History: Venture Stores
We've previously discussed both the future of the Marshall Field's name in Chicago, as well as its presence at Old Orchard. When the merger of The May Company with Federated Department Stores is finalized, many feel that Marshall Field's will be renamed as Macy's. What's ironic in all this is that the very company that sold out to Federated, The May Company, actually may have put the nail in Marshall Field's coffin way back in 1970. Well, at least indirectly via a division called Venture Stores.
You see, back in the 1960's, the big department stores were looking at launching divisions that targeted the discount store market. They figured why not try to target all these different demographics and reap the profits of everyone. Thus, in 1962, Dayton (which today after many acquisitions and name changes is known as the Target Corporation) launched Target. In response, and to hop on this trend, the May Company launched Venture in 1970 as a "family value retailer." Stores were primarily located in the Midwest.
Growing up in Chicago, of course I remember Venture. Their buildings were shaped much like a Kmart, with a distinctive black/white stripped design over the entryway. There was actually a Venture within walking distance of my boyhood home, so I spent a lot of time there before learning how to drive and shop elsewhere.
As the retail story continues, The May Company purchased Associated Dry Good (ADG), owner of Caldor. Both Venture and Caldor operated as discount chains that featured style, which made sense given their department store heritage. Eventually, The May Company spun off Venture and Caldor in 1990. Unfortunately, having to compete with Wal-mart, Kmart, and Target, both chain's sales decreased quickly.
By 1996, Venture tried to relaunch itself as a value-oriented store, in addition to creating a Venture Dollar chain. However, that didn't help. The next year, Venture sold off many of its stores to Kmart (including the one I grew up with). Finally, in 1998, Venture filed for bankruptcy. Kmart purchased more stores from Venture and that was pretty much the end of the chain.
The ironic part of all this is that The May Company currently owns Marshall Field's. Field's was once part of Target, which was a big competitor to Venture, created by May. Thus, May's failed attempt to make Venture work allowed Target to grow and eventually mishandle the Marshall Field's brand, dumping it on May. In turn, now May is merging with Federated in what may be the final death blow to Field's.
The retail world sure is crazy sometimes!
Posted by Tannerman at July 8, 2005 02:16 PM | Categories: Anchors | History | Old Orchard