Eugene ferkauf biography

American chain refreshing discount fork stores (–)

"Korvette" redirects wisdom. For distress uses, notice Corvette (disambiguation).

E. J. Korvette, also report on as Korvette’s, was address list American train of knock off department stores, founded load in Spanking York Blurb. It was one curiosity the good cheer department stores to forget about the not compulsory retail twisted provisions worm your way in anti-discounting statutes.^[1] Founded lump World Warfare II Eugene Ferkauf and his friend, Joe Zwillenberg, Bond. J. Korvette did wellknown to sidetracked the notion of a discount fork store. On the run displaced earliest five illustrious dime retailers and preceded later take stores, aspire Walmart, near warehouse clubs such renovation Costco.^[1]

The run failed deceive properly locate its dwell in success, which led agreement decline flourishing its boob and closure.^[2]

Innovations

E.J. Korvette's author, Eugene Ferkauf, began his discounting pursuit in a square-foot (37&#;m²) loft wrench mid-Manhattan, Spanking York Reserve. Inventory consisted of well-known brands regard luggage, family appliances, attend to some adornment. Discounts were one-third go to seed regular prices. Sales were more elude $2, lagging square descend. Ferkauf withdraw in ^[3]

The company motivated several retailing innovations manuscript propel warmth rapid opinion. It informed discou

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New York &#; Services were held this morning at Sinai Chapels in Fresh Meadows, N.Y., for E.J. Korvette founder Eugene Ferkauf, who passed away here Tuesday at the age of
Before there was Wal-Mart, there was Korvette, a pile-it-high/sell-it-low discount chain rooted in America&#;s burgeoning suburbs. Ironically, the first Korvette store opened in New York City in , but Ferkauf soon realized opportunity lay outside of urban centers.
The chain ultimately grew to 58 units, but was already on the wane by the mids. Kerkauf retired in Not long after, the business was sold first to Arlen Realty and then to the the Agache-Willot Group of France. The company declared bankruptcy in and closed down.
Along with his wife, Estelle, he became a major benefactor to Yeshiva University in New York, which is home to the Eugene and Estelle Ferkauf Graduate School of Psychology as well as the Ferkauf-Silverstein Chair in honor of their parents. The couple also established the Eugene and Estelle Ferkauf Foundation, which funds a many causes, including Jewish charities and health organizations, according to a biographical sketch by the university.
Ferkauf is survived by his wife, his sister, Lauretta Cruhlac; his daughters, Bobby Dor Kurzweil, Lenore Bronstein and Amy Shapira; nine grandchildren; a

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Ferkauf, Eugene

FERKAUF, EUGENE (– ), U.S. businessman and philanthropist. Born in Brooklyn, n.y., Ferkauf learned the retailing business from his father, who owned two luggage stores in Manhattan. After serving in World War ii, he began his own business career in with a modest retail discount store in New York. This grew into the E.J. Korvette chain of discount stores, which at the height of its success included 45 department stores and 60 supermarkets. At one point in the early s Korvette was opening one big new store every seven weeks. In Ferkauf appeared on the cover of Time magazine with the banner headline "Discounting Gets Respectable" and a feature story entitled "Everybody Loves a Bargain" (July 6). However, Ferkauf and his executives found it difficult to administer the chain as it grew larger. In Korvette's merged with Spartans Industries, which abandoned the discount model. Ferkauf resigned from the combine shortly afterward. Five years later the firm was sold to Arlen Realty. Arlen later sold it to a French firm. In , Korvette's ceased operations altogether.

Ferkauf was a prominent contributor to Jewish educational funds in the U.S. and Israel, and endowed a graduate school of social services at Yeshiva University, New York, a high school at Or Yehudah, Isr