Barney Pressman
Barney Pressman | |
---|---|
Born | New York City,New York,U.S. | December 14, 1894
Died | August 24, 1991 | (aged 96)
Nationality | American |
Occupation(s) | Retail executive and company founder |
Known for | founder ofBarneys New York |
Spouse(s) | Barbara Pressman (until her death) Isabel Pressman |
Children | Fred Pressman Elizabeth Pressman (predeceased) |
Family | Robert Pressman (grandson) Gene Pressman (grandson) Louise Sunshine(granddaughter) Stephanie Pressman(great great niece) |
Barney Pressman(December 14, 1894 – August 24, 1991)[1]was an American businessman and founder ofBarneys New Yorkretail store.[2]
Early life
[edit]Pressman was born to aJewishfamily, the son of an owner of a clothing store.[2]He was one of seven children and was raised on theLower East SideofManhattan.[2]
Career
[edit]In 1923, he purchased the lease and contents of a small clothing store atSeventh Avenueand 17th Street in Manhattan selling his wife's wedding ring to finance the transaction.[3][2]As his store was located in a non-traditionalretailarea, Pressman purchased inventory at a discount at bankruptcies,auctions,and in odd lots[2]including searching the newspapers for notices ofdeathand divorce among the city's elite.[4][5]By buying name-brand goods at a discount, he was able to severely undercut the manufacturer's selling price and although he did not have the most desired styles, hisworking classcustomers preferred brand name products for low prices.[2]His success incurred the wrath of the manufacturers who pressured local suppliers to limit sales to Pressman; Pressman circumvented their efforts and started to purchase excess inventory from independent retailers inthe South,where the New York manufacturers had less influence.[2]
Pressman was known for aggressive sales promotions including "No Bunk, No Junk, No Imitation" and "Calling all men to Barneys" (mimickingDick Tracy) as well as the heavy use of radio advertising to attract customers to his out-of-the-way location.[2]As he could not afford prime-time radio advertising, he would sponsor programs featuring Irish music (reflective of his clientele)[2]and radio broadcasts of theLindbergh baby kidnappingtrial.[4]In the 1950s, Barneys sold moresuitsthan any other single store in the world, employing 150 tailors.[5]In the 1960s, his son Fred changed the focus of the business and starting advertising to customers who were not as price sensitive and began to carryexpensivesuits and coats.[2]He changed the name to Barneys New York.[2]Pressman retired in 1975, but remained active in the business.[2]In 1977, Barneys added women's apparel, housewares, cosmetics, and gifts. By the time of his death in 1991, Barney's had $200 million in sales.[2]In January 1996, Barneys filed for bankruptcy protection after a dispute with its Japanese lender.[6]
Personal life
[edit]Pressman was married twice. His first wife, Barbara, died in 1972; they had two children: Elizabeth (died 1971) and Fred who took over Barney's in 1975.[2]His grandsons were both in the family business: Robert Pressman, was responsible for the financial side of the business; and his grandson Gene Pressman, was responsible for merchandising.[2][7]His second wife was Isabel Pressman. In 1991 funeral services were held at theCentral SynagogueinManhattan.[2]His granddaughter,Louise Sunshine,is the co-founder of the real estate marketing and sales company Sunshine Group.[8][9]
References
[edit]- ^Los Angeles Times: "Barney Pressman; Famed Clothier"August 28, 1991
- ^abcdefghijklmnopNew York Times: "Barney Pressman, Retailing Legend, Is Dead at 96" By STEPHANIE STROMAugust 27, 1991
- ^Barneys in RubbleLos Angeles Magazine, Jesse Kornbluth, March 1996
- ^abReal Goatskin and Lotsa Gas: The Pressman Saga UnzippedNew York Observer, Francine Prose, March 22, 1999
- ^abOrlando Sun Sentinel: A Tale Of Wolves Swaddled In Sheep's ClothingL.A. LOREK, May 16, 1999
- ^New York Post: "PRESSMANS MAKE WAR ON THEMSELVES OVER $" By Allyson LiebermanAugust 13, 1999
- ^New York Observer: "Barneys’ Life In Turnaround" By Chris ShottJuly 11, 2007
- ^New York Times: "Louise Sunshine, Martin S. Begun"February 16, 1997
- ^The Real Deal: "Louise Sunshine" By Lauren Elkiesretrieved September 27, 2015