Alexander's
Encyclopedia
Alexander's was a department store
chain in the New York
metropolitan area. Catering to low- and middle-income consumers, Alexander's offered discounted designer fashions and high-quality private label goods. At its height, the company operated 16 stores. Its advertising slogan was "You'll find Alexander's has what you're looking for; how lucky can you get?!". The company still exists as a REIT.
The Paramus, New Jersey
, location was notable because the building was the site of the world's largest mural painted by Polish artist Stefan Knapp
. Although the location closed in 1992, the mural remained on the vacant building until 1998 when it was disassembled and put into storage. Several attempts to relocate the mural have failed including a plan to include it in the Xanadu complex
.
Also notable was the flagship location in the World Trade Center
mall. Upon completion in 1974, Alexander's became the anchor tenant for the new mall located on the concourse level of the complex. It took up roughly 1/6 of the 500,000 sqft mall, the largest in New York City, and was located underneath 4 World Trade Center, immediately to the east of the south tower. Like the rest of the chain, it closed in 1992 and the lease was sold.[1]
native who opened a store on Third Avenue in the Bronx
and named it for his deceased father. The store managed to thrive during the following Depression, and another location was opened at Fordham Road (also in the Bronx) in 1933. Post-war prosperity further increased the company's fortunes, and led to a steady increase of locations throughout the area.
The company's hold on the marketplace began to slip in the 1970s, as customers defected to larger competitors and specialty retailers. In 1980, Interstate Properties took a major stake in the ailing chain, seeking to convert its real estate
to more profitable ventures. Throughout the 1980s, Alexander's management struggled to expand the retailer's offerings beyond leisure apparel, but was often distracted by real estate sell-offs, and the stores' physical appearance and merchandise quality suffered. The company made a last-ditch effort to modernize in the early 1990s by expanding its activewear, electronics, housewares, sports equipment, and toy departments. It also began to update its infrastructure by replacing aging mechanical cash registers which could no longer be repaired with computerized registers (an earlier attempt in the 1980s had failed due to poor planning). Unfortunately, these changes came too late, and Alexander's finally declared bankruptcy
in 1992 as debts to vendors mounted and inventories dwindled.
After being reorganized into a real estate company, Alexander's began selling off its valuable properties to developers (the company had owned all the real estate its large stores sat on aside from the World Trade Center location). Vornado
, a realty trust firm (which itself in a previous form was another discount department store chain, Two Guys
), bought a controlling share of Alexander's at bargain prices and refocused the company on development of its land holdings.
Department store
A department store is a retail establishment which satisfies a wide range of the consumer's personal and residential durable goods product needs; and at the same time offering the consumer a choice of multiple merchandise lines, at variable price points, in all product categories...
chain in the New York
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
metropolitan area. Catering to low- and middle-income consumers, Alexander's offered discounted designer fashions and high-quality private label goods. At its height, the company operated 16 stores. Its advertising slogan was "You'll find Alexander's has what you're looking for; how lucky can you get?!". The company still exists as a REIT.
The Paramus, New Jersey
Paramus, New Jersey
Paramus is a borough in Bergen County, New Jersey, United States. As of the 2010 United States Census, the borough population was 26,342. A suburb of New York City, Paramus is located between 15–20 miles northwest of Midtown Manhattan and approximately west of Upper Manhattan.Paramus is one of...
, location was notable because the building was the site of the world's largest mural painted by Polish artist Stefan Knapp
Stefan Knapp
Stefan Knapp was a Polish born painter and sculptor, who worked in Great Britain. He developed and patented a technique of painting with enamel paint on steel facilitating decorating public architectural structures.His father name was Antoni and his mother was Julia née Wnuk.In 1935 he began...
. Although the location closed in 1992, the mural remained on the vacant building until 1998 when it was disassembled and put into storage. Several attempts to relocate the mural have failed including a plan to include it in the Xanadu complex
Meadowlands Xanadu
American Dream Meadowlands is a retail and entertainment complex being constructed in the Meadowlands Sports Complex in East Rutherford, Bergen County, New Jersey, in the New York City Metropolitan Area. The first phase of the five-story complex is scheduled to open in Autumn 2013 and the...
.
Also notable was the flagship location in the World Trade Center
World Trade Center
The original World Trade Center was a complex with seven buildings featuring landmark twin towers in Lower Manhattan, New York City, United States. The complex opened on April 4, 1973, and was destroyed in 2001 during the September 11 attacks. The site is currently being rebuilt with five new...
mall. Upon completion in 1974, Alexander's became the anchor tenant for the new mall located on the concourse level of the complex. It took up roughly 1/6 of the 500,000 sqft mall, the largest in New York City, and was located underneath 4 World Trade Center, immediately to the east of the south tower. Like the rest of the chain, it closed in 1992 and the lease was sold.[1]
History
The chain was founded in 1928 by George Farkas, a BrooklynBrooklyn
Brooklyn is the most populous of New York City's five boroughs, with nearly 2.6 million residents, and the second-largest in area. Since 1896, Brooklyn has had the same boundaries as Kings County, which is now the most populous county in New York State and the second-most densely populated...
native who opened a store on Third Avenue in the Bronx
The Bronx
The Bronx is the northernmost of the five boroughs of New York City. It is also known as Bronx County, the last of the 62 counties of New York State to be incorporated...
and named it for his deceased father. The store managed to thrive during the following Depression, and another location was opened at Fordham Road (also in the Bronx) in 1933. Post-war prosperity further increased the company's fortunes, and led to a steady increase of locations throughout the area.
The company's hold on the marketplace began to slip in the 1970s, as customers defected to larger competitors and specialty retailers. In 1980, Interstate Properties took a major stake in the ailing chain, seeking to convert its real estate
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
to more profitable ventures. Throughout the 1980s, Alexander's management struggled to expand the retailer's offerings beyond leisure apparel, but was often distracted by real estate sell-offs, and the stores' physical appearance and merchandise quality suffered. The company made a last-ditch effort to modernize in the early 1990s by expanding its activewear, electronics, housewares, sports equipment, and toy departments. It also began to update its infrastructure by replacing aging mechanical cash registers which could no longer be repaired with computerized registers (an earlier attempt in the 1980s had failed due to poor planning). Unfortunately, these changes came too late, and Alexander's finally declared bankruptcy
Bankruptcy
Bankruptcy is a legal status of an insolvent person or an organisation, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor....
in 1992 as debts to vendors mounted and inventories dwindled.
After being reorganized into a real estate company, Alexander's began selling off its valuable properties to developers (the company had owned all the real estate its large stores sat on aside from the World Trade Center location). Vornado
Vornado Realty Trust
Vornado Realty Trust is a New York based real estate investment trust. It is the inheritor of real estate formerly controlled by companies including Two Guys and Alexander's.- History :...
, a realty trust firm (which itself in a previous form was another discount department store chain, Two Guys
Two Guys
Two Guys was a discount store primarily operating in the New York City metropolitan area and headquartered in northern New Jersey until the early 1980s. It was founded in 1946 in Harrison, New Jersey by brothers Sidney Hubschman and Herbert Hubschman as Two Guys from Harrison...
), bought a controlling share of Alexander's at bargain prices and refocused the company on development of its land holdings.