THE LAW OF THE PRICE TAG The Team Fails to Reach Its Potential When It Fails to Pay the Price
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On December 28, 2000, one of the nation's oldest retailers, Montgomery Ward and Company, announced that it would be filing Chapter 7 bankruptcy and closing its doors forever. That announcement saddened the people of Chicago, for Ward's had been an institution in that city for more than a century. Even sadder is that their failure might have been avoided if they had learned and practiced the Law of the Price Tag before it was too late. The retailing chain's early history is really quite remarkable. The company was founded in 1872 by Aaron Montgomery Ward, a young salesman who had worked for various dry goods merchants throughout the Midwest and South. While he was working in rural areas far from cities or large towns, he discovered that many consumers in remote areas were at the mercy of local merchants who often overcharged them
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