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The Broadway

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The Broadway

The Broadway
Department store
Industry Retail
Fate Converted to Macy's
Founded 1896
Defunct 1996
Headquarters Los Angeles, California
Products Clothing, footwear, bedding, furniture, jewelry, beauty products, and housewares.
Parent Formerly Broadway-Hale Stores (1950–1996)
Broadway advertisement in December 1909
A former The Broadway department store at the Hawthorne Plaza Shopping Center in Hawthorne, California.

The Broadway was a mid-level department store chain headquartered in Los Angeles, California, United States of America. Founded in 1896 by English born Arthur Letts, Sr.,[1] who later went on to develop Holmby Hills, The Broadway became one of the dominant retailers in Southern California and the Southwest. In 1950, the company merged with Sacramento-based Hale Brothers to form Broadway-Hale Stores.

The Broadway bought out competitors in Los Angeles (B.H. Dyas, Milliron's, and Coulter's), San Diego (Marston's), and Phoenix (Korrick's). In later years The Broadway opened stores in Nevada (Las Vegas), New Mexico, and Colorado. In 1979, it was split into two divisions: The Broadway Southern California, based in Los Angeles; and Broadway Southwest, headquartered in Phoenix (for the non-California stores).

The Broadway's parent Carter Hawley Hale Stores ran into financial difficulties which resulted from poor management decisions and hostile takeover attempts. In 1996 the chain was acquired by Federated Department Stores and the majority of locations were converted to the Macy's nameplate. Several stores in affluent areas where Macy's already had locations were closed, refurbished and reopened as Bloomingdale's, while Federated sold many of the remaining stores to Sears.

Though the chain had been closed for over seven years, The Broadway Building in Hollywood, including its iconic "The Broadway" sign was featured in the climactic final scenes of the 2003 film Hollywood Homicide starring Harrison Ford.

As of April 2011, Strategic Marks, LLC has obtained 'The Broadway' trademark and plans on re-introducing the famous department store name as part of a virtual mall, along with other nostalgic stores such as The Bon Marche, Joseph Magnin, Robinson's Department Store, Filene's, Abraham & Straus and many others. The goal is to bring back the great department stores of the 20th century, with the hopes of re-opening the actual brick-and-mortar stores throughout the US.

History

Letts started the Broadway Department Store on February 24, 1896 by purchasing the name, assets, fixtures, and the building lease from the bankrupted firm of J.A. Williams and Co. for a sum of $8377.[1][2][3] The previous owners had a good location in a recently constructed building at the corner of Broadway and Fourth Streets,[4] but had all of its assets seized by their creditors for failure to pay its bills after just four short months of operations.[5][6][7] In contrast, Letts was able to pay off all of his creditors in a short period of time after acquiring the assets for the failed store with the sale of the same assets and by being a very shrewd businessman.[8][9]

In a short period of time, the business was doing so well, that it had to expand into adjacent store fronts. A decade later, it had outgrown its home in the Hallett & Pirtle building and required a new home.[2] It was decided to have a new nine-story building with nearly 11 acres of floor space to be built in several phases at the same location with construction starting in 1913 while the current store remained in business.[9]

See also

References

  1. ^ a b Groves, Martha (February 12, 1991). "The Broadway: Bright History, Uncertain Future".  
  2. ^ a b Richardson, Eric (November 16, 2011). "38 Years Ago: Broadway Department Store Moved Off Namesake Street".  
  3. ^ "City News In Brief".  
  4. ^ "Hallett And Pirtle Block".  
  5. ^ "Grand Opening Today; Finest Store of the Kind on the Pacific Coast Designed Like "The Fair"; Eighteen Departments Will Be Maintained".  
  6. ^ "A Los Angeles Failure.".  
  7. ^ "FOR SALE Stock and Fixtures of Broadway Department Store".  
  8. ^ "Broadway Department Store".  
  9. ^ a b Findlay, Paul (February 1918). "How They Did It". System: The Magazine of Business 33 (2). pp. 200–202. 
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