Newmark and Lewis
| Company type | Public |
|---|---|
| Industry | Retail (consumer electronics) |
| Founded | 1924 |
| Founder | Edward Newmark, Richard David Lewis |
| Defunct | 1992 |
| Headquarters | New York City , United States |
Area served | New York metropolitan area |
Key people | Richard "Dick" Lewis (chairman), Ronald Fleisher (president) |
| Products | Consumer electronics, appliances |
Newmark and Lewis—occasionally presented as Newmark & Lewis—was a U.S.-based retail chain specializing in consumer electronics, established in 1924 by founders Edward Newmark and Richard David Lewis. With its headquarters located in New York City, the company expanded to a maximum of 79 stores, primarily serving customers within the New York metropolitan region. It was once recognized as the largest electronics and appliance retailer in that area.
Listed on the American Stock Exchange, Newmark and Lewis encountered fierce pricing battles and sluggish inventory turnover, which squeezed profit margins and impeded expansion efforts. By 1991, the chain had significantly reduced its footprint from 67 outlets to under 30 due to financial difficulties. Despite attempts to stabilize under leadership figures such as chairman Richard “Dick” Lewis, the business ultimately declared bankruptcy and shut down in 1992, operating only 26 stores at closure.
The decline of Newmark and Lewis illustrates the challenges mid-tier retailers faced amid shifting market conditions and rising competition within the consumer electronics sector.
History
Based in Hicksville, Long Island, the company was launched in 1924 by Edward Newmark alongside Richard David Lewis.
In a move to expand its market presence, Newmark and Lewis acquired a portion of Bernies TV & Appliances Co., which had been founded in 1947, during 1985. The firm’s growth throughout the 1980s was fueled by strong consumer demand for items such as VCRs and microwave ovens.
The acquisition of rival Brick Church Electronics in 1991 added fourteen additional stores but placed considerable strain on financial resources during an economic downturn. This led to a Chapter 11 bankruptcy filing in August of that year. By the end of 1991, 41 locations had been liquidated with plans announced to close another 12. Efforts led by company president Ronald Fleisher to find buyers at the Consumer Electronics Show were unsuccessful. The remaining stores ceased operations early in 1992, with all locations shuttered by the end of that month.
Competitors
Newmark & Lewis operated in a competitive marketplace alongside retailers such as The Wiz, 47th Street Photo (until 1992), Crazy Eddie, Trader Horn, Tops Appliance City, and P.C. Richard & Son.
During the early 1980s, chairman Richard “Dick” Lewis became the public face of the company. His slogan, “Dick Lewis is watching,” highlighted the chain’s focus on competitive pricing and customer care under his guidance. This tagline gained significant recognition but was gradually phased out and even parodied during the company’s final years.