As such, they were placed at the convergence of major highways. The year marked the beginning of Dillard's border operations. To attract the inhabitants of nearby Matamoros, Mexico, the recently opened Brownsville store accepted the peso and extended credit to Mexican citizens. The following year, Dillard bought five Leonard's stores from the Tandy Corporation for stock and cash. Leonard's provided an instant saturation of the Dallas-Fort Worth market. Saturation was an important factor as it allowed the company to spread advertising costs over many stores.
More mall stores opened through the mids. Two stores came on line in , including the first in Kansas, and in Dillard opened a record six stores in Texas, Oklahoma, and Louisiana. William Dillard remained chief executive officer and chairman of the board, while E.
Ray Kemp was named vice-chairman and chief administrative officer. While sales had doubled from to , debts had also doubled. By the end of , the company lacked expansion capital. Searching for money, William Dillard met A.
Dreesmann, chief executive officer of Vroom en Dreesmann B. Dreesmann agreed to become Dillard's largest stockholder and to stay out of management. The sale took place in three annual installments and gave Vendamerica 55 percent of the Class A shares.
In Dillard used Vendamerica's first installment to build four new stores and remodel several older ones. In rising interest rates checked Dillard's profits growth. Higher rates meant bigger payments on borrowed money and also hurt Dillard's own credit sales.
Nevertheless, in , Dillard added six stores in Texas and Oklahoma. By contrast, was a banner year. The booming oil industry fueled sales growth, and management shifted its emphasis toward fast moving soft goods and away from less profitable home furnishings. In new Dillard's stores opened in Dallas and Memphis. The success of the Memphis store prompted Dillard to lease three former Lowenstein stores and saturate the Memphis market. The three Memphis stores were a part of the record 11 new Dillard's opened in In the early s, Dillard's grew at twice the department store average.
As profits skyrocketed, so did stock prices. High stock prices reduced the company's financial flexibility, and in it embarked on a series of stock splits. With new capital available, Dillard acquired 12 St. The purchase came about through a chance meeting. They stopped for a visit and by chance met Bill Arnold, Associated's chairman.
The company had yet another year of massive expansion in Brown stores and 12 Diamond stores in the southwestern United States. Though not unprofitable, the stores performed below the Dayton Hudson average. Dillard immediately changed the John A.
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Oak Hollow Mall Clearance Center. Carolina Place. Triangle Town Center. Basic Account. You only have access to basic statistics. Single Account. The ideal entry-level account for individual users. Corporate solution including all features. Statistics on " Department stores in the U. The most important statistics. Further related statistics. Dillard's: number of stores in the U. Further Content: You might find this interesting as well. Statistics Dillard's: number of stores in the U.
Learn more about how Statista can support your business. March 31, The company explored the market in southern Texas, even accepting pesos at several stores along the Texas-Mexico border. Profits, as well as debts, doubled during the s. Interest rates began to rise in the early s, but the company continued to return considerable profits, so much so that the stock split twice during that decade.
Louis and Kansas City, Missouri, in During the next two years, inroads were made into Ohio by the purchase of a half interest in the Higbee Department Stores, and in Florida, North Carolina, and South Carolina with the procurement of twenty-three J.
Ivey stores. Instead, the company focused on construction and expansion of existing stores. The largest acquisition came in , with the purchase of stores from Mercantile Store Company, Inc.
At the beginning of the twenty-first century, after the Mercantile acquisition, the company began to post low profits for the first time in its history, which caused some panic among investors, coupled with uncertainty brought on by the greater overall national and global economic recession. In an effort to rebound, the company cut operating costs, sold off underperforming stores, and ridded itself of non-core operations.
The company also faced shareholder disapproval over family ownership and special treatment, active insider trading issues, and ongoing discrimination lawsuits. Dillard died on February 8, , at the age of eighty-seven.
From a small department store in Nashville, he helped build one of the fastest-growing department store chains in the United States.
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