News

Discount retailers turn 50

September 18, 2012

The holy trinity of discount retailers celebrates a 50th birthday this year. Kmart, Walmart and Target (coincidentally) all began selling discounted merchandise back in 1962, according to an article on lansingstatejournal.com.

Kmart opened its doors first, and its signature "blue light special" sales gave consumers a taste of bargain hunting excitement that never left their mouths. 

In 1967, discount stores accounted for 42 percent of all retail sales. In 2010, that number rose to 87 percent, the article reported, citing data from Consumer Reports.

"For the first time … there were long aisles of merchandise, merchandise was well assorted, and the customers helped themselves," said Walter Loeb, a retail consultant and former analyst who spent 20 years at May Co. and Macy’s. "People looked for bargains, and that feeling of bargains never left retail."

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