Retailing: Grant Surrenders

Another nonagenarian merchant finally called it a career last week. One week after his acquaintance and competitor Sebastian Spering Kresge retired at 98 as chairman of S. S. Kresge Co. (TIME, July 1), William Thomas Grant celebrated his 90th birthday by announcing that he was relinquishing the titles of chairman and director of the W. T. Grant Co.

Convinced as a young man that there was a future in variety stores whose prices were midway between those of the five and tens and the more expensive department stores, Yankee Grant opened his first 25¢ store in Lynn, Mass., in 1906, opened others so fast as the idea caught on that at 48 he made a major decision. Insisting that the growing chain needed an "organizer" at its head rather than a merchandiser like himself, Grant kicked himself upstairs to chairman, spent less and less time with the company, occupied himself with painting, charities, philosophical studies and world travel. For the past ten years he has taken no salary as chairman.

W.T., known as Billy to close friends, will be succeeded by Edward Staley, 62, who as vice chairman has been handling chief-executive duties for the nation's third largest (after Woolworth and Kresge) variety chain. Staley will continue an expansion program that has increased the number of stores to a present total of 1,097 and has more than doubled sales in a decade to $840 million. Old downtown stores have been closed and new, larger ones built in suburban shopping centers, where 70% of Grant's business is now located. Similarly, Grant's merchandise has been upgraded from the 25¢ items that it was founded to sell. The stores now offer everything from major appliances to furniture and, unlike Grant's early-day, cash-and-carry policy, credit purchases now account for 25% of sales.