Date: Fri, 19 Dec 1997 18:36:32 GMT Server: Apache/1.0.3 Content-type: text/html Brief History
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HISTORY:

  • Founded in Topeka Kansas in 1956 by two cousins, Louis and Shoal Pozez, who had a unique vision:offer good value in family footwear and allow customers to serve themselves.
  • Went public as Volume Shoe Corporation in 1962.
  • Joined the May Department Stores Company of St. Louis, Mo. in 1979.
  • Changed name to Payless ShoeSource in 1991.
  • Became an independent Company on May 4, 1996, as a result of a spin-off to shareholders from May, and is publicly traded on the New York Stock Exchange under the "PSS" symbol.
  • Headquarters and state-of-the art distribution center located in Topeka, Kansas.
  • On February 1, 1996, the Company celebrated its 40th anniversary.
  • Acquired Parade of Shoes division from J. Baker, March 1997.
  • In October of 1997, Payless opened its first international stores in Canada.

 

SALES:

  • Sold over 195 million pairs of shoes in 1996, representing almost one in every five pairs sold in the U.S.
  • Currently the largest family footwear retailer in the United States, with over $2.3 billion in sales.
  • Compound annual sales growth rate of 11.3 percent over the last five years.

PRODUCT:

  • Offers broad assortment of fashionable footwear to meet customers needs. Breadth of assortment allows the Company to provide basic, seasonal and fashion shoes in dress, casual, athletic, and workboot categories. The Company also offers accessory items, including handbags, hosiery, and polish.
  • Low cost structure and efficient sourcing allows Payless to offer affordable prices. Prices average $11.00 per pair.
  • Shoes constructed in leather, canvas, and manmade materials. Styling is updated regularly to keep pace with proven fashion trends.
  • Over 40 percent of adult women aged 18-64 purchased at least one pair of shoes from Payless last year.

STORES:

  • Flexible real estate strategies enable Payless to operate in a variety of retail formats: regional and super-regional shopping malls, central business districts, free-standing locations, strip centers, and junior centers.
  • At fiscal year-end 1996, Payless operated 4,236 stores, including 775 Payless Kids expansions.
  • Stores located in 50 states, the District of Columbia, Puerto Rico, Guam, United States Virgin Islands, and Canada.
  • Stores average 3,400 square feet and carry approximately 10,000 pairs of shoes and offer more than 600 styles.
  • Closed 484 unprofitable stores during 1996 and added 171 new stores, with more than 5 million feet of retail space.
  • Announced intentions to enter Canada with five stores by fiscal year end 1997.

MANAGEMENT:

  • Led by a team of experienced management executives who have an average of more than 20 years of retail industry experience.
  • Merchandising effort is led by the President and three general merchandise managers with an average of 25 years of retail experience. They direct teams of buyers, merchandise planners and merchandise distributors who interact with vendors, agents, factory owners, and representatives of the Company's Payless ShoeSource International office to design, select, produce, inspect, and distribute footwear and accessories for the Company.

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Copyright © 1997, Payless ShoeSource Inc.