Newmark and Lewis

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Newmark and Lewis (sometimes stylized Newmark & Lewis [1] ) was a chain of consumer electronics stores [2] described by The New York Times as an appliance-store chain. [3] It was founded by Edward [4] Newmark and Richard David Lewis in 1924. [5] Problems of the industry of which it was part included cutthroat price competition, which caused low profit margins, and slow consumer purchasing cycles, the latter because of "lack of fresh products." [6] [1] When it closed in 1992, it had 26 remaining stores, [1] having earlier closed even more than that. [7] [8] [9] [10]

Contents

Described as "the New York area's biggest retailer of electronics and appliances" by a financial writer at The New York Times, [11] the firm had been listed on the American Stock Exchange. [1]

History

Headquartered in Hicksville, Long Island, [1] the chain was founded in 1924 [8] by Edward Newmark and Richard David Lewis. [5]

As part of their expansion they bought part of the 1947-founded Bernies TV & Appliances Co. in 1985. [7]

Their 1980s growth was largely due to "the strength of new products like VCR's and microwave ovens that consumers could not seem to get enough of." [1]

In 1991, Newmark & Lewis made a costly error when the chain decided to buy one of its competitors, the New Jersey-based Brick Church Electronics. [11] Adding its fourteen stores to the Newmark & Lewis fold overextended the company's finances at a time where the country was in an economic recession, and in August of that year came a Chapter 11 bankruptcy filing. By the end of the year, a total of 41 stores were liquidated, [12] and Newmark & Lewis announced 12 more closures in a December 31, 1991 press release. Approximately three weeks later, company president Ronald Fleisher went to the annual Consumer Electronics Show in Las Vegas hoping to find someone interested in buying the struggling chain of stores. When he returned to New York having been unsuccessful, Fleisher announced that Newmark & Lewis would be ceasing operations. Seven of the remaining 26 stores were closed immediately following the announcement on January 17, 1992; the remaining nineteen were liquidated and closed by the end of the month. [13]

Competitors

Among the many electronics chains Newmark and Lewis competed with were The Wiz, [6] 47th Street Photo (1992), Crazy Eddie, Trader Horn, Tops Appliance City, [1] and P.C. Richard & Son. [1]

Company chairman Richard “Dick” Lewis became the chain’s spokesperson in the early 1980s. [5] Newmark and Lewis would adopt the slogan “Dick Lewis is watching”, which was meant to highlight the stores’ desire to beat the competition by keeping an eye on the market and finding ways to pass the savings onto the customers, as well as providing excellent customer service; the idea was that Lewis would be looking out for these things. [14] ) The slogan was noted, [15] semi-retired, [16] and even lampooned. [17]

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References

  1. 1 2 3 4 5 6 7 8 Eben Shapiro (January 18, 1992). "Newmark & Lewis Stores to Close". The New York Times .
  2. ↑ "camcorders, compact-disk players, color televisions"-NYT, 1992
  3. ↑ 1993: "2 on Long Island Plead Guilty in Insurance-Claim Schemes". The New York Times . September 4, 1993.
  4. ↑ "Newmark & Lewis stores founded by Grandma's brother Eddie Newmark". October 18, 1987. p. 59.
  5. 1 2 3 "Newmark & Lewis Hires Outsider as a top executive". The New York Times . April 12, 1990.
  6. 1 2 Thomas J. Lueck (December 17, 1997). "The Wiz Files for Federal Bankruptcy Protection". The New York Times .
  7. 1 2 Lawrence Strauss (August 31, 1991). "Retailer Shuts 29 Outlets". Hartford Courant .
  8. 1 2 "Newmark & Lewis To Close 12 Stores". Associated Press (APnews).
  9. ↑ "began 1991 with 67 stores" -NYT
  10. ↑ "began 1991 with 67 stores .. closed 41 outlets in 1991" -APnews
  11. 1 2 Isadore Barmash (July 11, 1991). "Newmark & Lewis to Close 11 Jersey Stores". The New York Times .
  12. ↑ "Newmark & Lewis to close some stores". UPI (United Press International). December 31, 1991.
  13. ↑ Shapiro, Eben (January 18, 1992). "Newmark & Lewis Stores to Close". The New York Times. ISSN   0362-4331 . Retrieved February 16, 2023.
  14. ↑ Isadore Barmash (February 27, 1987). "The Slippage At Crazy Eddie". The New York Times .
  15. ↑ Richard Sandomir (November 19, 1991). "SPORTS: And That 10-Yard Loss Was Brought to You by . . ". The New York Times . This trip to the General Electric fridge for leftover Domino's pizza is brought to you by Newmark & Lewis. Dick Lewis is watching. Watching you eat.
  16. ↑ Kim Foltz (April 19, 1991). "Dick Lewis Goes to Ayer". The New York Times .
  17. ↑ "Maria Remembers". July 14, 2004. the frequently lampooned advertising slogan, "Dick Lewis is watching."


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