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The Biography Summary of Fred Lazarus Jr.

October 29, 2018 291 views

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Fred Lazarus Jr. – Short Biography

Using acquisitions and internal growth to build his business, Fred Lazarus Jr. turned his Federated Department Stores into the biggest enterprise of its kind in America. The retail operation, which includes Bloomingdale’s, Bullocks, and Filene’s, targets the middle class with eye-catching displays, seasonal fashions, and well-stocked inventories offered at the lowest prices possible.

Moreover, he is credited with establishing in American stores the merchandising standard of presenting garments by size with style color options.

Fred Lazarus Jr. – Expansions and Innovations

The young Lazarus learned his trade at F. & R. Lazarus, the modest, family-owned department store. He studied at Ohio State University but left almost immediately to work at the family store full time at age 18.

Under Lazarus, the business expanded, most notably around 1929-1930. The year saw the merger of the family business with New York’s Bloomingdale’s, Brooklyn’s Abraham & Straus, and Boston’s Filene’s. The new conglomerate was called Federated Department Stores and had Lazarus as chairman.

Fred Lazarus is credited with establishing today’s US merchandising standard of arranging garments by size, with selections of style and color, and then price, rather than vice versa as was the practice in the mid-1930s. Lazarus adopted this merchandizing standard for his stores after observing its practice in Paris.

By 1939, he had gained financial and political power. Lazarus was able to convince the President of the United States at the time, Franklin D. Roosevelt, to move Thanksgiving, making it officially the fourth Thursday in November. This prolonged the time for Christmas shopping and, in effect, boosted revenues for the American retail industry. Congress made the arrangement official in 1941.

Lazarus continued to nurse the growth of Federated via acquisitions and mergers, particularly through the 1980s.

The Fred Lazarus Jr. Quick Bio

Full name: Fred Lazarus Jr.

Birth Date: 1884

Birthplace: Columbus, Ohio

Company: Federated Department Stores Inc.

Industry: Retail

Key success traits:  Boldness in adopting new merchandising and business practices; audacity to demand change.

Additional:

As a result of the mergers orchestrated by Fred Lazarus, his company had become so huge. While his competitors were issuing branded credit cards provided by an outside bank, his store chain offered cards issued by its own bank, the Federated Department Stores Bank.

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