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 Five and Dime Inflation
The S.S. Kresge & Company advertised that they were a progressive 5 & 10 cent store. They had built their business around selling a large volume of items at a very low price, a nickel or a dime, to be exact. The management of this chain of stores felt that their perception of low pricing was so important that when inflation made them take a look at their product line in 1917, they took out large advertisements proclaiming the news: “IMPORTANT NOTICE – The S.S. Kresge & Co. 5 & 10 cent Stores now offer a number of their articles at 15 cents.”
Douglas Farley, Director |
Shoppers in Niagara County today have become accustomed to price increases in the products that they buy with regularity. It is not uncommon to visit a favorite grocery store and see that the price of a staple item bought most every week has gone up in price by a dime or quarter or more. Inflation has become an accepted part of life as we attempt to stretch the dollar to buy an ever increasing list of wants and needs. Often times retailers put large colorful, smiley signs on items that they have reduced the price on, but almost never make any mention of items that they raised the price on. This, buyer beware philosophy, however, was not always the case