Milton Petrie founded the Petrie Store chain which, at the height of its success, operated all over the US, Puerto Rico, the U.S. Virgin Islands and the District of Columbia.
It was a unique store in that it focused primarily on women’s apparel and set many standards for today’s specialty shops.
Although the store finally liquidated in 1994, Milton Petrie’s approach to business redefined the retail industry and paved the way for myriad stores to operate according to methods that Petrie championed.
Milton Petrie – The Humble Man Who Helped Shape an Industry
Milton Petrie is not exactly a well-known name. Yet he built his fortune in the retail industry and helped start the first of what is now known as specialty stores”.
This humble businessman, known for his simple and warm character, made his billions by recognizing and capitalizing on a simple fact: women like to buy clothes. Armed with this insight he founded a hosiery store in 1927; thus the first Petrie Store was born.
His chain soon grew into a major retailer of women’s clothing and Petrie’s predisposition to sound business and understanding of women’s taste led to greater growth throughout the century. He later targeted the teen market and expanded his product line to accommodate youth apparel.
He was an advocate for quickly using up inventory and because his stores adhered as much as possible to this principle, they grew fast and turned profits quickly too.
Perhaps more than anything, Petrie understood the value of real estate. He insisted on great locations for his businesses all the time and went to great lengths to set up shops on frequently trafficked, hot property. His simple yet insightful business ideals led Petrie Stores to become one of the most successful retailing chains ever.
The Milton Petrie Quick Bio
Full Name: Milton Petrie
Company: Petrie Stores
Key success traits: lateral thinker
At one point Petrie owned a substantial stake in the toy superstore chain Toy’s R Us. He was also known as an extremely generous philanthropist; after he died in 1994 he left a will 119 pages long that specified millions of dollars were to be given to various people from all walks of life.