Time to reflect on some recent articles in The New York Times.
Two weeks ago The Times analyzed why Costco has become a retail juggernaut (https://www.nytimes.com/2024/08/20/dining/costco.html?smid=nytcore-ios-share&referringSource=articleShare).
From the more than one thousand mostly favorable comments on shopping inside the company’s behemoth outlets I could not find the note I submitted based on my 32 years of reporting on the retail industry. So, here goes:
“In November 1983, when Price Club had but 11 warehouses and less than $700 million in sales, Chain Store Age magazine explored “Wholesale Clubs: Retailing Behind Closed Doors.” Our reporting presaged the dominance warehouse wholesale clubs like Price Club (Costco’s predecessor name) would attain despite their offering just 3,000-4,000 items compared to the tens of thousands of stock keeping units sold in supermarkets, discount and department stores.
“Successful clubs adhered to a formula that downplayed gross margins in favor of gross margin dollars that grew through the rapid turnover of inventory. Indeed, successful clubs sold out inventories before payment for the goods came due. They made money on the float. In addition, membership dues became paramount contributors to the bottom line.
“Price Club opened its doors to retail customers after one of Sol Price’s business customers reportedly suggested he allow the customer’s employees to shop there, arguing they’re checks were as good as his. It was only after that egalitarian move that Price Club exchanged red ink for black and forever changed retail history.
“In 2023, Costco net worldwide revenues were $245.65 billion. Net income was $6.292 billion from 871 locations in 14 countries (600 in the United States and Puerto Rico).”
Pennies from Heaven: A one cent penny costs nearly three cents to mint. That’s one of the gems to be learned from an expansive article on the history and economics of the penny and reasons why it would make good sense to do away with the copper-coated coin (https://www.nytimes.com/2024/09/01/magazine/worthless-pennies-united-states-economy.html?smid=url-share). By the way, a nickel costs more than a dime to make.
Of all the reasons cited for eliminating the penny from our national currency, none resonated with me because pennies were my gateway to poker heaven.
Every Friday night from the time I was about eight years old until 14 or so, after sabbath dinner dishes were cleared from our dinette table and my brother’s friends would come to our home, the protective table cover would be flipped over to the felt side, cards would be taken out of breakfront drawers and pennies would appear before the the six or seven chairs surrounding the table, depending on whether one or two of Bernie’s friends showed up to complement my parents, brother, sister and me.
We would play until around 10 pm. Dealer’s choice, although most games were seven card stud, deuces wild. If my original stake was lost, I’d rush, usually with tears in my eyes, to shake more pennies out of an amber-glassed piggy bank.
When I was 11 our father traveled to Japan on business and came back with a new card game, Fan Tan (https://www.google.com/gasearch?q=fan%20tan%20card%20game&source=sh/x/gs/m2/5). After a while we transitioned to a version of Hearts that included an aspect of Fan Tan.
We continued to play poker until Bernie started Brooklyn College. Our mother thought it would be more appropriate to engage in scholarly competition so she replaced the poker game with Scrabble. That did not appeal to anyone.
Bernie and Lee would go out to parties with friends. None of my friends played poker. I wound up watching Jack Paar—don’t laugh. It was on his show that I, and millions of others, got our first look at The Beatles days before they appeared on The Ed Sullivan Show.
Seeking Balance: Hala Aylan was given a prime spot in The Times Opinion section Sunday to urge Vice President Kamala Harris to shift her position on the Israel-Hamas conflict (https://www.nytimes.com/2024/08/28/opinion/kamala-harris-gaza-israel-war.html?smid=url-share).
Here’s my response: “Given a platform in The New York Times, perhaps Hala Alyan’s attack on American support for Israel would have benefitted from a more balanced assessment of Mideast peace opportunities. Does she, for example, recognize Israel’s right to exist? Does she condemn terrorism? Does she condemn decades of Arab intransigence to the State of Israel? In calling for an embargo on arms shipments to Israel does she simultaneously denounce Iran for shipping tens of thousands of missiles and rockets to Hamas and Hezbollah, and its now reported arming of militants in the West Bank? How would she suggest Israel defend itself against these weapons aimed at its citizens? Does she include Hamas among those she claims are responsible for “killing and starving Palestinians” in Gaza?
“Alyan hopes for a “worthy future” here in America. A similarly worthy future in the Mideast is desired, but it would take courage, trustworthiness and consistency, to paraphrase her words, from Arab and Palestinian leaders and their people to work with Israel to achieve the goal of a just and long-lasting peace for all parties.”
