Venture Stores
Encyclopedia
Venture Stores, Inc., was a chain of retail stores that operated in the American
Midwest
. The company operated over 70 stores with major market share in St. Louis
, Chicago
and Kansas City
, being headquartered in the St. Louis suburb of O'Fallon, Missouri
.
founder John F. Geisse went to work for May Department Stores
. Under an antitrust settlement reached with the Department of Justice
, May was unable to acquire any more retail chains at the time, and the department store
company needed a way to compete against the emerging discount store chains. When May's Executive Vice President Dave Babcock learned that Geisse had resigned from Target Stores, he spoke with Geisse about starting a new discount retailer, resulting in the founding of Venture.
The first Venture store opened in 1970 in the St. Louis suburb of Overland (after Venture closed, the location became a Kmart
, which later closed & was demolished for the current Home Depot). In 1976, Geisse retired and left Venture Stores, which had by that time expanded to 20 units.
In 1978, Venture Stores purchased 23 Turn Style
locations in the Chicago area from Jewel
food stores, and expanded to over 40 locations in the Chicago market area, with many city locations. They were the largest discount chain in Chicago with inner city locations other than Zayre
/Ames. In 1990 Venture separated from May and became a private corporation.
Venture's advertising slogan
during the 1980s was "Save With Style." or "SWS" In the 1990s, Venture would employ two other slogans; the first, tied to a companywide remodeling initiative aimed at making the stores more like Kohl's
, was "See What's New For You!". At the time of Venture's closing, the slogan was "See What A Little Money Can Buy."
By the late 1990s, the chain found that it was unable to compete against other retail chains, such as Wal-Mart
, Target
, and Kmart
. Venture tried to return to its founding principles as an upscale discounter and remodeled most of its 90+ stores. While facing vast competition Venture made a fatal mistake trying to expand into Texas
instead of protecting its core markets. Venture sold the Texas stores to Kmart in 1996 and closed its distribution center in Corsicana, Texas
. The company entered Chapter 11 bankruptcy
on January 20, 1998, and tried to operate with a smaller number of stores. The effort was not successful, and the company announced its closing on April 27, 1998. Most of the former Venture buildings were absorbed into other chains, such as Kmart
, Kohl's
, ShopKo, and Burlington Coat Factory
.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
Midwest
Midwestern United States
The Midwestern United States is one of the four U.S. geographic regions defined by the United States Census Bureau, providing an official definition of the American Midwest....
. The company operated over 70 stores with major market share in St. Louis
St. Louis, Missouri
St. Louis is an independent city on the eastern border of Missouri, United States. With a population of 319,294, it was the 58th-largest U.S. city at the 2010 U.S. Census. The Greater St...
, Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
and Kansas City
Kansas City, Missouri
Kansas City, Missouri is the largest city in the U.S. state of Missouri and is the anchor city of the Kansas City Metropolitan Area, the second largest metropolitan area in Missouri. It encompasses in parts of Jackson, Clay, Cass, and Platte counties...
, being headquartered in the St. Louis suburb of O'Fallon, Missouri
O'Fallon, Missouri
O'Fallon is a suburban city along Interstate 70 between Lake St. Louis and St. Peters in Saint Charles County, Missouri. It is part of the St. Louis Metropolitan Statistical Area. As of the 2010 census population of 79,329, it is the seventh largest city in the state and the largest in St. Charles...
.
History
The chain was founded in 1968 when TargetTarget Corporation
Target Corporation, doing business as Target, is an American retailing company headquartered in Minneapolis, Minnesota. It is the second-largest discount retailer in the United States, behind Walmart. The company is ranked at number 33 on the Fortune 500 and is a component of the Standard & Poor's...
founder John F. Geisse went to work for May Department Stores
May Department Stores
The May Department Stores Company was a national department store chain in the United States, founded in 1877 by David May. The company ceased to exist in 2005 when it was merged with Federated Department Stores, Inc . Prior to the merger it was headquartered in Downtown St. Louis, Missouri...
. Under an antitrust settlement reached with the Department of Justice
United States Department of Justice
The United States Department of Justice , is the United States federal executive department responsible for the enforcement of the law and administration of justice, equivalent to the justice or interior ministries of other countries.The Department is led by the Attorney General, who is nominated...
, May was unable to acquire any more retail chains at the time, and the department store
Department store
A department store is a retail establishment which satisfies a wide range of the consumer's personal and residential durable goods product needs; and at the same time offering the consumer a choice of multiple merchandise lines, at variable price points, in all product categories...
company needed a way to compete against the emerging discount store chains. When May's Executive Vice President Dave Babcock learned that Geisse had resigned from Target Stores, he spoke with Geisse about starting a new discount retailer, resulting in the founding of Venture.
The first Venture store opened in 1970 in the St. Louis suburb of Overland (after Venture closed, the location became a Kmart
Kmart
Kmart, sometimes styled as "K-Mart," is a chain of discount department stores. The chain acquired Sears in 2005, forming a new corporation under the name Sears Holdings Corporation. The company was founded in 1962 and is the third largest discount store chain in the world, behind Wal-Mart and...
, which later closed & was demolished for the current Home Depot). In 1976, Geisse retired and left Venture Stores, which had by that time expanded to 20 units.
In 1978, Venture Stores purchased 23 Turn Style
Turn Style
Turn Style was a chain of discount department stores and was a division of Chicago-based Jewel, the parent company of the Jewel Food Stores supermarket chain. Each Turn Style had an Osco Pharmacy, at the time very uncommon for a discount store in the 1960s and 1970s...
locations in the Chicago area from Jewel
Jewel (supermarket)
Jewel-Osco is a supermarket chain headquartered in Itasca, Illinois, a Chicago suburb. Jewel-Osco has 182 stores across northern, central, and western Illinois; eastern Iowa; and portions of northwest Indiana.Jewel-Osco and Jewel are currently wholly owned subsidiaries of Eden Prairie,...
food stores, and expanded to over 40 locations in the Chicago market area, with many city locations. They were the largest discount chain in Chicago with inner city locations other than Zayre
Zayre
Zayre was a chain of discount stores that operated in the Northeastern, Southern and Midwestern United States from 1956 to 1990. The company's headquarters was in Framingham, Massachusetts. In 1988, the Zayre department stores were sold to the parent company of the competing Ames chain, and Zayre's...
/Ames. In 1990 Venture separated from May and became a private corporation.
Venture's advertising slogan
Advertising slogan
Advertising slogans are short, often memorable phrases used in advertising campaigns. They are claimed to be the most effective means of drawing attention to one or more aspects of a product. A strapline is a British term used as a secondary sentence attached to a brand name...
during the 1980s was "Save With Style." or "SWS" In the 1990s, Venture would employ two other slogans; the first, tied to a companywide remodeling initiative aimed at making the stores more like Kohl's
Kohl's
Kohl's Corporation is an American department store chain headquartered in the Milwaukee suburb of Menomonee Falls, Wisconsin, operating , 1,089 stores in 49 states. In 1998, it entered the S&P 500 list, and is also listed in the Fortune 500...
, was "See What's New For You!". At the time of Venture's closing, the slogan was "See What A Little Money Can Buy."
Dining
As was a common trend in American department stores, many Venture stores offered a dining area inside the store. This area would sell standard American fare, from hamburgers and hot dogs to popcorn and ICEE drinks.Bankruptcy
Wal-Mart
Wal-Mart Stores, Inc. , branded as Walmart since 2008 and Wal-Mart before then, is an American public multinational corporation that runs chains of large discount department stores and warehouse stores. The company is the world's 18th largest public corporation, according to the Forbes Global 2000...
, Target
Target Corporation
Target Corporation, doing business as Target, is an American retailing company headquartered in Minneapolis, Minnesota. It is the second-largest discount retailer in the United States, behind Walmart. The company is ranked at number 33 on the Fortune 500 and is a component of the Standard & Poor's...
, and Kmart
Kmart
Kmart, sometimes styled as "K-Mart," is a chain of discount department stores. The chain acquired Sears in 2005, forming a new corporation under the name Sears Holdings Corporation. The company was founded in 1962 and is the third largest discount store chain in the world, behind Wal-Mart and...
. Venture tried to return to its founding principles as an upscale discounter and remodeled most of its 90+ stores. While facing vast competition Venture made a fatal mistake trying to expand into Texas
Texas
Texas is the second largest U.S. state by both area and population, and the largest state by area in the contiguous United States.The name, based on the Caddo word "Tejas" meaning "friends" or "allies", was applied by the Spanish to the Caddo themselves and to the region of their settlement in...
instead of protecting its core markets. Venture sold the Texas stores to Kmart in 1996 and closed its distribution center in Corsicana, Texas
Corsicana, Texas
Corsicana is a city in Navarro County, Texas, United States. It is located on Interstate 45 some fifty-five miles south of downtown Dallas. The population was 24,485 at the 2000 census...
. The company entered Chapter 11 bankruptcy
Bankruptcy
Bankruptcy is a legal status of an insolvent person or an organisation, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor....
on January 20, 1998, and tried to operate with a smaller number of stores. The effort was not successful, and the company announced its closing on April 27, 1998. Most of the former Venture buildings were absorbed into other chains, such as Kmart
Kmart
Kmart, sometimes styled as "K-Mart," is a chain of discount department stores. The chain acquired Sears in 2005, forming a new corporation under the name Sears Holdings Corporation. The company was founded in 1962 and is the third largest discount store chain in the world, behind Wal-Mart and...
, Kohl's
Kohl's
Kohl's Corporation is an American department store chain headquartered in the Milwaukee suburb of Menomonee Falls, Wisconsin, operating , 1,089 stores in 49 states. In 1998, it entered the S&P 500 list, and is also listed in the Fortune 500...
, ShopKo, and Burlington Coat Factory
Burlington Coat Factory
Burlington Coat Factory Warehouse Corporation is a national department store retailer focusing on clothing and shoes, with over 450 stores in 45 states and Puerto Rico.. In 2006, it was acquired by Bain Capital, LLC in a take-private transaction...
.