7/25/2023 0 Comments Piggly wiggly![]() ![]() In late 1922, newspapers reported that Saunders and four armed guards had arrived in New York on a private train from Memphis, carrying suitcases stuffed with a million dollars. Within a week, he had scooped up more than 100,000 of the 200,000 outstanding shares of Piggly Wiggly. He took out a loan for $10 million (about $150 million today) and went on a buying spree. It didn’t deter him that, aside from his existing holdings of Piggly Wiggly stock, he had never before traded a single share of any stock on the New York Stock Exchange. He decided that he would “break Wall Street” by buying Piggly Wiggly stock and driving the price back up. In recounting this episode, I’ve drawn from that book as well as contemporaneous newspaper and magazine accounts.) Wall Street was swooping down on Piggly Wiggly “like an eagle on a chicken,” Saunders thought. (John Brooks tells the story of Saunders’ battle with the short sellers in his book Business Adventures: Twelve Classic Tales From the World of Wall Street. When Saunders learned about these short sellers, he was livid. Although this was no fault of Saunders’ or his company’s, some big Wall Street traders sensed that the stock might be vulnerable and that they could make a tidy profit by selling it short-that is, by borrowing shares to sell high, rebuying them when the stock dropped, and pocketing the difference when they returned them. But in the fall of 1922, several independent franchises in New York, Connecticut, and New Jersey went bankrupt. With steady revenues and rising profits, Piggly Wiggly became a reliable security to own. ![]() The success of Piggly Wiggly caught the eye of Wall Street, and in February 1922 the New York Stock Exchange listed its stock for trading. Saunders named the house “Cla-Le-Clare” after his children, but everyone in Memphis just called it the Pink Palace because of its pink marble facade. Among his purchases was a 160-acre plot of land outside Memphis, where he started building a mansion that was to include a waterfall, a bowling alley, and an 18-hole golf course with one hole located on its own island. And when it came to spending his money, Saunders had opulent tastes. "It's crazy to see how much it's caught fire, and we've just enjoyed talking to everyone about it so much.As Piggly Wiggly expanded, Saunders became rich. "It's been a really fun process," Salisbury said. The Magnolia store will hold a grand opening on June 1. He said the stores also have been successful in selling Piggly Wiggly merchandise, including shirts and hats emblazoned with the pig logo. "Slowly but surely over the past couple of years, we've brought it back, and there's just been a wow factor to it." I can't believe you're bringing it back.' And when we tell them, it's, 'Oh my goodness, I remember 30 years ago coming in here with my grandma or whoever. "Everywhere we go when we turn one of these, the customers ask what's going on. "The nostalgia factor is off the charts," he said. However, it's not just a broader selection of food that attracts people to Piggly Wiggly. Salisbury said the Piggly Wiggly Cost Plus stores will have more variety in produce, more lunch meat items, more fresh meat items and a range of frozen dairy and ice cream products. "In order to give customers what they want, what we've done is transition eight Save a Lot's into Piggly Wiggly Cost Plus stores. ![]() "Over the last few years, most of our customers, clientele-wise, have voiced opinions about wanting more variety to choose from," he said. He said Save a Lot carries a limited assortment of the national brands that customers want. Salisbury said Kenyan has partnered with Save a Lot for about 20 years. ![]() Piggly Wiggly Cost Plus is operated by Kenyan Enterprises, which has 15 locations from Pine Bluff, Arkansas, to Natchitoches, Louisiana. We just have to get through (the Magnolia store) first."ĬAN'T SEE THE POLL QUESTION? Read the story at /news/polls "That is our goal, but I don't have a specific date. "It could happen within this year," said Salisbury, who has helped to oversee the transition of eight Save a Lot stores in the region. The openings are part of a rebranding for Save a Lot stores on New Boston Road on the Texas side and East Street on the Arkansas side. Two Piggly Wiggly Cost Plus stores are expected to open within the next several months, said Geoff Salisbury, a regional supervisor for Piggly Wiggly Cost Plus in Magnolia, Arkansas. TEXARKANA – A familiar name in grocery is making its way back to Texarkana. ![]()
0 Comments
Leave a Reply. |