Jump to content

Ayr-Way

From Alfawiki
L. S. Ayres and Company
Company typePrivate
IndustryRetail (Department store)
PredecessorN. R. Smith and Company (Trade Palace)
Founded1 January 1872; 154 years ago (1872-01-01) in Indianapolis, Indiana, United States
FounderLyman S. Ayres
DefunctSeptember 9, 2006 (2006-09-09)
FateBrand retired and stores rebranded as Macy's
SuccessorMacy's Midwest division
Headquarters
Indianapolis
,
United States
Area served
Indiana, Illinois, Kentucky
Key people
Lyman S. Ayres (founder)
ProductsWomen's apparel, department store merchandise, discount retail (Ayr-Way)
OwnerAssociated Dry Goods (1972–1986), The May Department Stores Company (1986–2005), Federated Department Stores (2005–2006)

Overview

L. S. Ayres and Company was a department store headquartered in Indianapolis, Indiana, established in 1872 by Lyman S. Ayres. Its flagship location, which opened in 1905 and underwent subsequent expansions, gained recognition for women's apparel, the renowned Tea Room, seasonal holiday displays and events, as well as its budget-friendly basement store. As demographic trends led to suburban growth, Ayres expanded by opening branch locations in various Indiana shopping centers. The company also acquired retail operations in Springfield, Illinois; Fort Wayne, Indiana; and Louisville, Kentucky. Notably, Ayr-Way, the discount store division of Ayres, was the first discount retail concept initiated by a full-service department store. By the close of the 1960s, Ayres had evolved into a multifaceted merchandising enterprise encompassing department stores, discount outlets, specialty apparel shops, home furnishings showrooms, and a real estate investment arm. The company’s enduring slogan, "That Ayres Look", positioned it as a fashion authority and was recognized by 1972 as the longest-standing retail slogan in the United States.

In 1972, ownership of Ayres transferred to Associated Dry Goods. Following Associated Dry Goods' acquisition by The May Department Stores Company in 1986, several Ayres stores were shuttered. The Indianapolis flagship ceased operations in spring 1992 when remaining Ayres stores merged with May’s The Famous-Barr Company division. Later, on August 30, 2005, Federated Department Stores, owner of competitor Macy's, completed its acquisition of The May Company. Subsequently, on February 1, 2006, L. S. Ayres was officially dissolved and integrated into the newly created Macy's Midwest division. The L. S. Ayres brand was retired on September 9, 2006, as most locations were rebranded under Macy's banner.

Founding in Indianapolis

In 1872, Lyman S. Ayres, originally the proprietor of a dry-goods shop in Geneva, New York, established a new enterprise in Indianapolis, Indiana by acquiring a controlling stake in N. R. Smith and Company, a dry-goods retailer also known as the Trade Palace. This store was situated at 26–28 West Washington Street in Indianapolis. The origins of the Trade Palace date back to 1851 when H. A. Fletcher and Company opened a dry-goods business at 28 West Washington Street; it relocated to 10 East Washington Street in 1856 and later moved to 26 West Washington Street in the 1860s, where it became identified as the Trade Palace among other titles. The newly named N. R. Smith and Ayres store commenced operations in January 1872, with Ayres purchasing Smith’s share two years later. By February 1874, the business was advertised under the name "L. S. Ayres & Co." in an Indianapolis newspaper. In 1875, Ayres shifted the store across Washington Street to 33–37 West Washington Street, maintaining this location for three decades under the L. S. Ayres and Company banner. The store promoted itself as a "First Class One Price Establishment," emphasizing consistent quality and fixed pricing—concepts that were innovative at that time.

Throughout the early twentieth century, Ayres expanded to become one of Indianapolis’s foremost department stores. Its local competitors included the William H. Block Company, H. P. Wasson and Company, and L. S. Strauss and Company. Starting in 1972, the Lazarus chain entered Indianapolis by acquiring Block’s stores. While all these retailers offered comprehensive merchandise selections, Ayres was particularly renowned for its women's fashion offerings.

File:L.S. Ayres Annex Warehouse.jpg
The former L. S. Ayres Annex Warehouse at 14–22 W. Maryland Street, located south of the main store, is listed on the National Register of Historic Places.

In the years leading up to his death in 1896, Lyman Ayres invested heavily in real estate along Meridian and Washington Streets with plans to construct a new flagship store at their intersection downtown. Designed by the local architectural firm Vonnegut and Bohn, this eight-story flagship opened on October 3, 1905, offering over 3 acres (130,000 sq ft; 12,000 m2) of retail space. The landmark location at One West Washington Street underwent multiple expansions; its first major enlargement in 1915 doubled both its size and street frontage along Washington Street.

During the 1920s, the company acquired additional properties along Meridian Street south of the main building—including the former Chamber of Commerce structure—and launched the South Building on September 14, 1929. At that point, the combined store complex encompassed approximately 475,000 sq ft (44,129 m2) of space. Following World War II, an eleven-story addition was completed along Meridian Street next to the South Building.

Although downtown Indianapolis began experiencing decline in the 1950s as businesses migrated outward from the city center, Ayres continued purchasing adjacent properties near its flagship location. By 1973, some of these spaces were vacated while operations were consolidated within remaining downtown buildings. The company demolished several aging structures close to its main store to create surface parking lots and later constructed two parking garages aimed at attracting suburban customers to drive downtown and park conveniently.

Despite these efforts to enhance its flagship presence, by the 1970s the West Washington Street store found itself surrounded by vacant lots and abandoned buildings amid a deteriorating downtown environment. To stimulate economic revitalization, Ayres partnered with others to invest in two hotel projects intended to boost convention and tourism activity downtown: contributing $3.3 million toward a Hilton Hotel (later rebranded as a Sheraton) and providing $50,000 for Merchants Plaza development—which housed a Hyatt Regency Hotel alongside Merchants Bank offices occupying most of its space.

Growth of the Ayres 1905 Flagship Facility

Growth of the Ayres 1905 Flagship Facility
Date Description of Additions Architectural Firm Area (sq ft) Area (sq m)
  1. REDIRECT Template:Date table sorting
 The initial construction of the One W. Washington Street edifice, consisting of eight stories, replaced the former Hubbard Block. Vonnegut & Bohn 105,000 9,755
  1. REDIRECT Template:Date table sorting
Constructed in 1914 		An annex was built on the location previously occupied by the Iron Block, which was destroyed by fire in January 1914. This included addresses #9-11 Washington St. (Bobbs & Merrill stationery) and #13-15 (Besten & Langen store). This extension approximately doubled the retail space of the Ayres store. Vonnegut, Bohn, and Mueller ~210,000 ~19,510
by 1920 A western expansion added approximately 34 ft (10 m) to the building’s width, reaching a total frontage of 135 ft (41 m) along Washington Street. ~280,000 ~26,013
by 1928 The L.S. Ayres Annex Warehouse was established on the Haueisen property at #14-22 Maryland Street, featuring 67.5 ft (21 m) of street frontage and serving as storage space as of 1928.
Built in 1926,
opened
  1. REDIRECT Template:Date table sorting
 The South Building located at 30-32 S. Meridian includes eleven full floors, a two-story penthouse, and two basement levels, serviced by seven elevators. This addition increased the complex’s floor area by 90%. Throughout the 1920s, Ayres acquired adjacent properties extending southward, including:
  • Air rights above Pearl Street, enabling construction of a multi-level bridge,
  • Chamber of Commerce Building (#26-30 S. Meridian) with 46 feet frontage, purchased in 1928 for $335,000,
  • Property at #32 S. Meridian with 23 feet frontage acquired in 1926.
 Vonnegut, Bohn, and Mueller 425,000 39,484
1936 Installation of the L. S. Ayres Clock.
1941 Addition of the Burford printing facility along Pearl Street to the west side of the store.
1941 Utilization of part of the Stutz Motor Company property at 10th and Capitol as a workshop, warehouse, and delivery garage.
1946 An eleven-story extension at 38-40 S. Meridian Street (38.5 feet frontage) was constructed on the south side of Pearl Street on the former William B. Burford store site. This expansion contributed an additional 50,000 sq ft (4,600 m2) of floor space at a cost of $500,000. Skidmore, Owings & Merrill 475,000 44,129

Present-day utilization

In 1997, the buildings at 1-7 W. Washington and 30 S. Meridian underwent renovation by Browning Investments and Hagerman Construction to serve as office space alongside a department store initially operated by Parisian and later by Carson's, anchoring the then-new Circle Centre Mall. After Carson's ceased operations in 2018, this retail space has remained unoccupied.

Growth into suburban markets

With the migration of urban populations to suburban regions, Ayres strategically expanded its presence by launching branch stores in Indianapolis and Lafayette, Indiana. In 1959, the company also established a sizable warehouse and service center on Hillside Avenue in Indianapolis. Six years later, a new branch opened at the Greenwood Shopping Center, located approximately 10 miles south of the Indianapolis main store. The following year, Ayres inaugurated another branch at Glenbrook Square in Fort Wayne, Indiana. Beyond constructing new outlets within Indiana, Ayres broadened its footprint by acquiring The John Bressmer Company in Springfield, Illinois, in 1958 and developing Ayr-Way, a chain of self-service discount stores. In 1969, expansion continued into Louisville, Kentucky, through the acquisition of Kaufman-Straus Company, part of City Stores Corporation; however, the downtown Louisville location proved unprofitable and was shuttered within two years. An Ayr-Way discount store was introduced downtown in 1973 but closed by 1975 due to poor performance. Subsequently, two suburban Louisville locations were consolidated into Ayres’s Indianapolis operations. The City Stores acquisition also included Wolf and Dessauer (W&D), a prominent department store in downtown Fort Wayne. During the late 1960s, Ayres diversified further by launching specialty retail outlets—the Sycamore Shops and Cygnet Shops—targeting young adult consumers.

By decade’s end, Ayres had evolved from a department store chain into a multifaceted retail enterprise comprising the Indianapolis flagship and its Indiana branches; three subsidiary department stores (Bressmer’s, Kaufman’s, and W&D); a discount store network (Ayr-Way and Ayr-Way Discount Foods); specialty shops (Sycamore Shops and Cygnet); an upscale home furnishings retailer (Murray Showrooms); and a real estate investment arm (Murray Investments).

Acquisition

In early 1972, Associated Dry Goods of New York City acquired Ayres through a stock exchange deal involving 1.4 million shares of Associated Dry Goods common stock—valued at approximately $78.5 million at that time. In 1983, Associated Dry Goods merged Cincinnati-based Pogue’s with Ayres; these stores were rebranded as L. S. Ayres and Company in 1984 after receiving $7 million in renovations. Two years later, Louisville’s Stewart Dry Goods stores were absorbed into Ayres. Despite competition and declining profitability amid downtown Louisville’s deterioration, Stewart Dry Goods locations were renamed L. S. Ayres in 1987 with $6.5 million invested to remodel the downtown store.

The May Department Stores Company acquired Associated Dry Goods in 1986 through a stock swap valued at about $2.47 billion at that time. Between 1986 and 1990, several leadership changes occurred within Ayres as May sought to enhance profitability; this period also saw closures of stores in Louisville and Cincinnati. By the late 1980s, May had closed former Pogue’s and Stewart’s locations, reducing Ayres’ footprint to fourteen stores. In 1988, three Cincinnati-area Ayres stores located at Tri-County Mall, Kenwood Towne Centre, and Northgate Mall were sold to J.C. Penney; all have since either closed or relocated.

In April 1991, a May representative announced that the Ayres flagship would not participate in Indianapolis’s upcoming Circle Centre mall project despite its proximity to the downtown store under construction. Later that year on October 25th, May declared plans to close the downtown Indianapolis Ayres location along with three Indiana branches. Additionally in 1991, Ayres merged operations with May’s St. Louis-based Famous-Barr division while retaining the Ayres brand name. Parisian opened a store within the former downtown Indianapolis Ayres space in 1995; it was replaced by Carson's in 2007 before closing in 2018.

File:L.S. Ayres-Macy's Transition Logo.png
L. S. Ayres-Macy's transition logo

Federated Department Stores acquired Macy’s in 1994 followed by The May Department Stores Company in 2005. On February 1, 2006, Ayres was integrated into the newly formed Macy’s Midwest division (currently Macy’s Central). Most former Ayres locations transitioned into Macy’s stores except for those at Greenwood Park Mall and Castleton Square in Indianapolis suburbs where existing Lazarus stores continued as Macy’s outlets. Subsequently, the Greenwood Park Mall and Castleton Square Ayres locations were demolished.

Flagship store

File:L. S. Ayres & Co. Flagship Store Building.jpg
The L. S. Ayres flagship department store located in downtown Indianapolis

While Ayres carried a comprehensive assortment of merchandise and services, it gained particular recognition for its women's fashion offerings, the Tea Room, festive Christmas events and decorations, as well as its budget-oriented store.[1]

Operating from 1905 until 1990 within the Indianapolis flagship location, the Tea Room provided a refined dining experience aimed at attracting shoppers to the downtown premises; despite this goal, it consistently operated without generating profit. This popular venue also functioned as an informal fashion showcase for predominantly female patrons. The menu remained largely unchanged over many years, featuring signature dishes such as chicken pot pie, chicken velvet soup, and special desserts designed for children[2]. A recreation of the Tea Room can now be found at the Indiana State Museum in Indianapolis.[3] Throughout the years, additional dining options within the Indianapolis flagship included a soda fountain, a coffee and snack bar located in the basement, and during the 1970s, a cafeteria-style tea room situated on the balcony overlooking the main floor. Cafeterias and tea rooms were also features of Ayres branch locations. The downtown Indianapolis Tea Room remained operational until 1990, whereas other restaurant facilities closed following Ayres’ acquisition by the May Company in 1986.[4]

File:Indianapolis, carson's department store, 02 orologio.jpg
The iconic Ayres Clock at the intersection of Washington and Meridian streets marks the former flagship L. S. Ayres department store in downtown Indianapolis. The original 1905 structure was incorporated into Circle Centre Mall during the 1990s.

Ayres attracted extensive media attention and large crowds through its seasonal departments, events, and visual displays in hopes that visitors would extend their stay to shop.[5] Starting on Thanksgiving Eve in 1947, a bronze cherub figure was placed on the prominent outdoor clock at Meridian and Washington Streets; this three-foot statue became a recurring holiday tradition each Christmas season.[6] Renowned for its exquisite Christmas decorations, especially elaborate window displays conceived months ahead of time with unique annual themes, Ayres expanded its holiday offerings to include toy exhibits and a Santa’s workshop. Following World War II, the store facilitated telephone calls with Santa Claus and live TV broadcasts. Between 1958 and 1961, children enjoyed rides aboard the Santa Claus Express—a miniature electric train navigating through the Christmas display inside the store.[7] Beginning in the 1940s, visits with a costumed Easter Bunny were also part of the downtown Indianapolis store’s seasonal celebrations; in 1957, live barnyard animals joined these Easter festivities.[8]

Since its inception at the flagship Indianapolis location in 1905, Ayres operated an Economy Basement concept—later referred to as the Downstairs Store or Budget Store—that differed from typical department store discount sections. Rather than offering low-quality merchandise, this basement area provided affordable yet well-made items designed to attract customers with limited means who might eventually purchase full-priced products upstairs. Additionally, it served as a development platform for future Ayres management personnel. By the 1960s, this Budget Store had diminished in prominence due to competition from Ayr-Way (Ayres’ discount subsidiary) alongside evolving consumer habits and pricing structures; consequently, this concept was phased out by the mid-1980s.[9]

The L.S. Ayres Annex Warehouse, located on Maryland Street just south of the flagship building, is an Italianate brick structure originally known as Elliott's Block. Constructed in 1875 for Calvin A. Elliott—a wholesale liquor dealer—the warehouse was recognized by being listed on the National Register of Historic Places in 1973.[10]

Branches

File:Ayres006.jpg
The former L. S. Ayres location at Glendale Shopping Center in Indianapolis.

The initial Ayres branch stores debuted in May 1958 at Market Square Shopping Center in Lafayette, Indiana.[11] Shortly after, in August 1958, Ayres launched another branch at the newly established Glendale Shopping Center, situated at Sixty-second Street and Keystone Avenue on Indianapolis's north side, through a partnership with Landau and Perlman, a developer based in Chicago.[12] Throughout the 1960s and 1970s, additional branches were introduced both in Indianapolis and other parts of Indiana. Notable openings included the Greenwood Shopping Center (1965) in Greenwood and Ayres Glenbrook (1966) located in Fort Wayne.[13] Following Ayres’ acquisition by Associated Dry Goods, the retailer expanded its footprint with new stores inside Indiana shopping malls such as Lafayette Square Mall (1973) and Washington Square (1975) in Indianapolis; Scottsdale (1971) in South Bend; Muncie Mall (1977); Southlake (1978) in Merrillville; University Park Mall (1979) in Mishawaka; and College Mall (1982) in Bloomington.[14]

Specialty shops

Between 1919 and the early 1930s, Ayres operated two seasonal specialty outlets at the French Lick Springs Hotel, a resort and spa located in southern Indiana. These shops specialized in gifts, accessories, lingerie, and sportswear items.[15] In August 1955, Ayres inaugurated the Boulevard Shop boutique within Indianapolis's Marott Hotel. This gift shop relocated to the Stouffer Hotel on Meridian Street in Indianapolis by 1967 and remained operational there until its closure during the 1980s.[16]

In 1968, Ayres introduced two small specialty fashion outlets: the Sycamore Shop and Cygnet. The Sycamore Shop targeted young adults with classic apparel and accessories for both men and women. Meanwhile, Cygnet Shops focused on contemporary fashion for young women. The first Sycamore Shop opened its doors at Lafayette Square shopping center in Indianapolis, while the inaugural Cygnet Shop launched in Terre Haute, Indiana. By 1971, approximately twelve of these specialty shops operated across suburban malls throughout Indiana, Ohio, and Kentucky. Although Cygnet Shops ceased operations by 1975, Sycamore Shops continued to grow. After The May Department Stores Company acquired Ayres along with its parent firm Associated Dry Goods in 1986, three former Ayres executives purchased Sycamore Shops from May and maintained its operations. By 1990, Sycamore Shops had expanded to encompass 160 locations across five states.[17] Eventually, Sycamore Shops filed for bankruptcy and underwent liquidation between late 1995 and early 1996.[18]

Subsidiaries

Around 1914, the Ayres family founded Murray Investments, a holding entity that possessed the store's real estate assets and leased them back to the Ayres company. This subsidiary also facilitated future growth by acquiring additional properties in Anderson, Indianapolis, South Bend, and Evansville, Indiana. Remaining under Ayres family control, Murray Investments merged with L. S. Ayres Company during the late 1960s, injecting roughly $3.6 million in equity capital into the business. This consolidation also boosted the Ayres family's ownership stake to 67 percent.

In September 1954, Ayres launched a fully owned subsidiary named Murray Showrooms, exclusively serving the interior decorator trade. The Indianapolis showroom, situated at 31 West Thirteenth Street, operated similarly to Chicago's Merchandise Mart and was unique within Indiana. A second showroom opened in 1960 in Kenwood, Ohio—a Cincinnati suburb—but underperformed and closed by 1965. The Indianapolis location persisted until the late 1970s and was liquidated in 1982 following a roof collapse.

Ayres expanded in 1958 by acquiring The John Bressmer Company of Springfield, Illinois, continuing operations under the Bressmer brand. This modern six-story downtown store gained recognition for its fashion quality and customer service excellence, serving as a training ground for Ayres management personnel. William P. Arnold, who joined Ayres in 1947, became Bressmer's president before advancing to lead J. W. Robinson's as president and CEO and later serving as president, CEO, and chairman of Associated Dry Goods. P. Gerald Mills transitioned from an Ayres buyer to Bressmer’s leadership and subsequently held presidencies at Dayton's, J. L. Hudson Company, and the Dayton-Hudson Corporation. David P. Williams III also spent time at Bressmer’s before becoming president of Associated Dry Goods. In 1972, Bressmer’s was sold to Associated Dry Goods and integrated as a branch of Stix, Baer and Fuller, one of its subsidiaries. The downtown Springfield store closed in 1980 after a new Stix, Baer and Fuller location opened on Springfield’s south side.

In 1969, Ayres acquired two department store chains from City Stores: Louisville-based Kaufman-Straus and the Wolf & Dessauer Company operating two stores in Fort Wayne, Indiana. These locations were eventually rebranded as Ayres stores.

Ayr-Way

Ayr-Way logo
Ayr-Way logo

In 1961, Ayres introduced Ayr-Way, a discount department store concept.[19] The inaugural Ayr-Way opened on October 13, 1961, at Thirty-eighth Street and Pendleton Pike in Indianapolis.[20][21][22] This venture represented one of the earliest discount store formats established by a traditional department store chain. Notably, this store preceded the initial openings of Kmart (March 1962) in Garden City, Michigan, and Target (May 1962).[23] Additional Ayr-Way locations were subsequently developed in other markets.[24]

Ayres faced multiple obstacles while launching this new discount model. Establishing a distinct brand identity for Ayr-Way separate from L. S. Ayres proved challenging. Furthermore, some store sites were poorly chosen—either situated in economically declining areas or regions insufficiently developed at the time. Attempts to operate supermarkets adjacent to Ayr-Way stores were ultimately unsuccessful; by fiscal year 1970—two years after their debut—the Ayr-Way food stores (leased to Scot-Lad Foods of Chicago) generated an after-tax loss of $320,000 (~$Template:Format price adjusted for inflation). Consequently, Ayres divested its food operations to Scot-Lad Foods that year and refocused on general merchandise sales.[25]

File:Ayr-Way Target Transition Logo.png
Ayr-Way Target transition logo

Following Associated Dry Goods’ acquisition of Ayres in 1972, the U.S. Federal Trade Commission raised concerns about anticompetitive effects stemming from overlapping stores in Louisville and Lexington, Kentucky; as well as Evansville, Indiana—where Ayr-Way operated alongside Stewarts Dry Goods outlets. Additionally, multiple Ayres department stores existed within Louisville plus locations in Danville and Champaign, Illinois. Due to antitrust pressures from the FTC, Associated Dry Goods sold the Ayr-Way discount chain to private investment firm Stephens Inc. for $19.9 million in 1976; the transaction was finalized early in 1977.[26] In 1980, Dayton Hudson Corporation (now known as Target Corporation) acquired Ayr-Way’s network of 40 stores plus one distribution center; these were remodeled and reopened as Target outlets beginning in 1981.[27]

Corporate affairs

In 1872, Lyman Ayres secured a controlling stake in the Indianapolis dry-goods enterprise previously owned by N. R. Smith and Company, investing $40,000 (~equivalent to $Template:Format price in Template:Inflation/year) through sight drafts and promissory notes. By 1874, Ayres had purchased Smith's share of the business, and in 1895, he became the sole proprietor following the retirement of James G. Thomas, who held a 25 percent ownership interest.

The incorporation of L. S. Ayres and Company occurred in 1896 with capital stock amounting to $200,000 (~$ Template:Format price in Template:Inflation/year). Upon Lyman Ayres’ passing that same year, his son, Frederick M. (Fred) Ayres, assumed the presidency of the company. Maria H. Ayres, Lyman’s widow, took on the role of secretary-treasurer, while his son-in-law William B. Wheelock was appointed vice president. The business remained under family ownership—aside from two employee shareholders—until its initial public offering in the early 1950s. During the 1940s, the board expanded from five members to as many as nine, incorporating representatives of the store’s interests, the general public, and the Ayres family. In subsequent decades—the 1960s and early 1970s—the board further broadened to include external business figures alongside additional executives from within Ayres.

Leadership

  • Lyman S. Ayres founded and led the company from its inception in 1872 until his death in 1896.
  • Frederick M. (Fred) Ayres, son of Lyman, served as president from 1896 through 1940.
  • Theodore B. (Ted) Griffith, Lyman’s son-in-law, held the presidency between 1940 and 1954; he subsequently chaired the board from 1954 to 1959 and remained an honorary director until his death in 1972. Griffith was married to Emma Ayres Wheelock, adopted daughter of Lyman Ayres.
  • Lyman S. Ayres II, Fred’s eldest son, joined the board in 1940 and was president from 1954 until retiring in 1962; thereafter he served as board chairman until 1973 when he was named honorary chairman.
  • James A. Gloin became president in 1962 as the first individual outside the family to hold that position; he retired three years later but continued as a board member.
  • Daniel F. Evans assumed the presidency in 1966 and was appointed chairman of Ayres in 1974 while maintaining his roles as president and CEO.
  • P. Gerald Mills took over as president in 1974 and advanced to CEO in 1975; four years later he joined Dayton-Hudson Corporation where he eventually became president and later chairman of Jacobson's.
  • David P. Williams III returned to lead Ayres as president and CEO starting in 1978 after previously serving as president of J.W. Robinson's (an Associated Dry Goods division). He departed Ayres in 1982 and went on to become president of Associated Dry Goods; Williams was a descendant of Lyman Ayres’ daughter Katherine and son of David P. Williams Jr., president of Ayr-Way Stores.
  • John L. Hoerner became president and CEO in 1982, marking the first time a non-family member held the CEO role at Ayres.
  • Following The May Department Store Company's acquisition of Ayres in 1986, several executives including Robert L. Mettler and Robert Friedman served as presidents and CEOs of Ayres.

Stock

During the mid-1950s, Ayres launched its initial public offering by issuing 52,250 shares of stock. This move generated roughly $1 million in funding, while the Ayres family maintained an 85 percent ownership stake.

Sales

Following the stock issuance in the 1950s, the company experienced significant profit growth, achieving earnings exceeding $47 million in 1956—a record at that time. The subsequent year, 1957, saw another milestone with sales surpassing $50 million and net income reaching $1.2 million, translating to $3.09 per common share. By the fiscal year 1966, Ayres reported sales amounting to $106.3 million alongside net profits of $3.1 million, or $2.51 per share. However, on July 31, 1971, after a prolonged period of annual profitability, Ayres disclosed a quarterly loss of $404,000.

In the 1980s, after integration into Associated Dry Goods, Ayres expanded its footprint by opening new branches and renovating older stores, maintaining its status as a profitable subsidiary. Notably, in 1985, the Glendale location in Indianapolis ranked second in profitability among the 438 Associated Dry Goods outlets, surpassed only by the flagship Lord & Taylor store in New York City. During that year, Ayres stores commanded at least a 60 percent market share in most cities where they operated. Despite this strong market presence, Ayres’s sales performance—$103 per square foot—fell short compared to other May Company subsidiaries; for example, Hecht's achieved $163 per square foot and Famous-Barr recorded $124 per square foot.

Diversity

In 1971, minorities constituted about 9 percent of Ayres's workforce overall. The majority of these minority employees were concentrated at downtown locations in Indianapolis and Fort Wayne, Indiana, as well as Louisville, Kentucky. Among these cities, Indianapolis had the highest proportion of minority staff at 17 percent.

Flora Krauch became Ayres's pioneering woman executive when she joined as a buyer in 1909 and successfully developed the children's department. Beverly Rice broke new ground as the first female vice president in 1969 while overseeing merchandise for Cygnet Shops and women's better apparel; she advanced to vice president and general merchandise manager in 1976 before retiring in 1983. In 1972, Marlene Druien was appointed as Ayres’s first female store manager at the Dixie Manor location in Louisville. Other women who held store management positions included Florence Elias—an experienced employee managing multiple branches—and Mary Alice Fogarty, who took charge of the Lafayette branch in 1974 and retired five years later.

Slogans

  • "A Gift from Ayres Means More"—this well-known slogan debuted in Ayres's Christmas catalogs dating back to 1922.
  • "That Ayres Look"—crafted by merchandise manager J. Park Wood and publicity director Sidney Sullivan, this enduring tagline first appeared nationally in Vogue magazine in 1936. It sustained a nearly five-decade advertising campaign that positioned Ayres as a fashion authority featuring designers such as Bill Blass, Christian Dior, Hattie Carnegie, and Norman Norell among others. Additionally, "That Ayres Look" served as the title for an Indiana Historical Society temporary exhibit chronicling the store’s legacy from March 14, 2015 through August 6, 2016 at Indianapolis’s Eugene and Marilyn Glick Indiana History Center.

See also

References

  1. ↑ Turchi 2012, pp. 88, 103, 131.
  2. ↑ Turchi 2012, pp. 191–98.
  3. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  4. ↑ Turchi 2012, pp. 199–200, 269.
  5. ↑ Turchi 2012, p. 101.
  6. ↑ Turchi 2012, p. 96.
  7. ↑ Turchi 2012, pp. 89–90.
  8. ↑ Turchi 2012, p. 95.
  9. ↑ Turchi 2012, pp. 131–133, 136–139.
  10. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  11. ↑ Turchi 2012, pp. 187. - Later, the store was moved to a different site within Lafayette during the 1990s.
  12. ↑ Turchi 2012, pp. 181, 183, 185.
  13. ↑ Turchi 2012, pp. 208, 221.
  14. ↑ Turchi 2012, p. 255.
  15. ↑ Turchi 2012, p. 47.
  16. ↑ Turchi 2012, pp. 158, 160.
  17. ↑ Turchi 2012, pp. 229–230.
  18. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  19. ↑ Ayres announced forming Ayr-Way Stores as a subsidiary to operate a new self-service department store in northeast Indianapolis.
  20. ↑ The first Ayr-Way East store launched with 105,000 square feet of retail space including a supermarket section.
  21. ↑ The People of L. S. Ayres and Company
  22. ↑ Turchi (2012), p.204 - The discount store featured a full grocery section and parking for 1,000 vehicles.
  23. ↑ Turchi (2012), p.205
  24. ↑ Turchi (2012), p.207
  25. ↑ Turchi (2012), pp.207-209
  26. ↑ Columbus Republic (January 10, 1977)
  27. ↑ Discount Store News (1990)
  • Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  • Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).

External links

File:Commons-logo.svg
Wikimedia Commons has media related to [[commons:Lua error in Module:WikidataIB at line 506: attempt to index field 'wikibase' (a nil value).|Lua error in Module:WikidataIB at line 506: attempt to index field 'wikibase' (a nil value).]].

Template:Macy's history

Retrieved from "https://www.alfawiki.org/index.php?title=Ayr-Way&oldid=31513"