The Treasury (store)
| Company type | Subsidiary |
|---|---|
| Industry | Retail (discount department stores) |
| Founded | 1938 in Milwaukee, Wisconsin, United States |
| Founder | David Kritzik and his sons, Robert and Stanley |
| Fate | Stores closed by 1981; chain ceased operations in 1982 |
| Successor | None |
| Headquarters | Milwaukee , United States |
Area served | United States (primarily Wisconsin, Georgia, California, Florida, Tennessee) |
Key people | Jack F. Behrendt (vice president of J.C. Penney store division) |
| Products | Discount department store merchandise; groceries and fuel at some locations |
| Owner | J.C. Penney (majority owner throughout most of existence) |
| Parent | J.C. Penney |
Treasure Island, originally known as The Treasury, was a chain of discount department stores primarily owned by J.C. Penney throughout most of its existence.
Treasure Island
Established in 1938 in Milwaukee, Wisconsin, the General Merchandise Company was a mail-order business created by David Kritzik and his sons, Robert and Stanley. Treasure Island served as GMC’s discount retail division, featuring expansive stores approximately 200,000 square feet in size. A distinctive feature was a conveyor system that transported customers' purchases directly to their vehicles. The inaugural store opened its doors on November 24, 1961, in Appleton, Wisconsin.
Designed by Milwaukee architect Jordan A. Miller, the stores stood out for their unique zig-zag architectural style prominently displayed both inside and out. This design led to the stores being famously described as located "under the squiggly roof" well into the 1970s.
In 1961, seeking to enter the catalog retail sector, J.C. Penney attempted to partner with Aldens but negotiations fell through in October. Subsequently, J.C. Penney pursued the acquisition of General Merchandise Company, which ranked as the fifth-largest catalog retailer nationwide at that time. By December 1961, a merger agreement was reached, and J.C. Penney completed the purchase of GMC in February 1962 for $11 million.
At this stage, the chain consisted of only five Wisconsin locations. In March 1967, plans were announced to expand into the Atlanta, Georgia market. This expansion materialized on May 29, 1968, with the simultaneous opening of three stores in Forest Park, Doraville, and Marietta. The grand opening event on July 31 also marked the completion of the grocery department within these new locations.
The Treasury
The Treasure Island brand remained in use until 1969, when the company announced in mid-May plans to extend its reach into Orange County, California. However, by July of that year, while revealing an upcoming expansion into the south Florida region, the chain introduced a new name: The Treasury. Jack F. Behrendt, then serving as vice president of the J.C. Penney store division, explained that this rebranding aimed to refresh the chain’s image and more accurately convey its identity. Notably, locations in Milwaukee and Atlanta—where the Treasure Island name had strong recognition—retained their original branding.
Although the name change was declared prior, the initial Treasury-branded stores launched on October 29, 1970, in Torrance, Buena Park, and Orange, California. Subsequently, the much-anticipated south Florida outlets in Hialeah and Hollywood opened on March 4, 1971. Additionally, three stores serving the Memphis, Tennessee area—first announced in September 1969—commenced operations on July 29, 1971.
Several locations also offered groceries and fuel services, similar to modern-day Wal-Mart Supercenters. Nevertheless, economic downturns during the 1970s and early 1980s severely impacted J.C. Penney’s discount division, causing Treasury stores to become unprofitable. Ultimately, these stores were shuttered by 1981. Despite this closure, the mail order segment—which had been a primary motivation behind J.C. Penney’s acquisition of Treasure Island—continued to prosper.
By 1979, facing financial difficulties, the company began shutting down stores and leasing spaces to other retailers. The first four leases to The Home Depot chain involved former Treasure Island sites around the Atlanta area. The entire Treasury chain ceased operations in 1982.
Treasury Drug Centers
Expanding its portfolio, J.C. Penney established Treasury Drug Centers, a network of drugstores throughout various Southern states. In 1993, J.C. Penney divested 45 Atlanta-area Treasury Drug outlets to Big B Drugs for $16.5 billion. The Treasury Drug brand persisted until 1997 when J.C. Penney acquired Eckerd and subsequently rebranded all remaining Treasury Drug locations as Eckerd stores.