Frederick Loeser & Co.

Frederick Loeser & Co.
Industry	Retail
Founded	Brooklyn, New York (1860; 164 years ago)
Founder	Frederick Loeser
Defunct	February 13, 1952; 72 years ago
Fate	Bankrupt
Number of locations	5 (during peak)
Area served	New York City
Revenue	$25M (1951)
Net income	-$600,000 (1951)
Owner	Frederick Loeser
Number of employees	1,400 (1952)

Frederick Loeser & Co. was a large department store in Brooklyn, New York.^[1] Their flagship store on 484 Fulton Street served as one of Brooklyn's major landmarks for 65 years. The store closed down in February 1952.

History

Founded in 1860 as Loeser and Dinkelspiel by German immigrant Frederick Loeser (1833-1911); the company started out as an embroidery and trimmings business. The original store was situated at 277 Fulton Street, roughly a block from Brooklyn Borough Hall. The company grew relatively quickly, buying out competitors and partners.^[2]

In 1870 the company opened a larger second store near the present-day intersection of Fulton Street and Boerum Place.^[3] In March 1887, the store was moved to 484 Fulton Street, a new five-story building.^[4] The building included all modern convenience including electric lights, telephone services, elevators, restrooms, fitting rooms, and luxury duplex escalators. The bottom three floors were used for sales, the fourth floor held administrative offices. The upper floor was used for restrooms, ladies' fitting rooms, buyer's samples, and various other applications.^[4]

In 1887, Scottish born Lace and fabric importer John Gibb entered into partnership with Frederick Loeser. Upon Loeser’s death in 1903, the Gibb family assumed ownership of the business. John Gibb’s son, Walter Gibb was the last of the Gibb brothers involved in the store, and when he died in 1912, his widow Florence Swan Gibb became its principal owner. The firm would expand to branches in Bay Shore and Garden City, Long Island, New York.

During the early 20th century, The company provided china for the immigration station at Ellis Island.

In 1934-36, Lois Wilson was a sales clerk and interior decorator at Loeser's Department Store.^[5] Lois Wilson was the long-suffering wife of William Griffith Wilson (Bill W.), a co-founder of Alcoholics Anonymous.

In 1947, upon the death of Walter Gibb’s only child, Althea Gibb Hunter, the business was sold to a syndicate of investors for a reported $8 (~$85.7 million in 2023) Million. They would operate it until 1952 when, following two years of steep losses, it was closed. Following this, neighboring Brooklyn retailer A. I. Namm & Son purchased the trademark and goodwill of Frederick Loeser. They continued to operate under the Namm Loeser name until 1957 when the business closed, a victim of the flight of its customer base to the suburbs.

References

^ ^a ^b ^c ^d "Retail Trade: Out of Business". Time. February 18, 1952. Retrieved February 3, 2014.
^ "A. I. Namm & Son Department Store, 450-458 Fulton Street (aka 1-7 Hoyt Street), Brooklyn. Built 1924-25 and 1928-29; Robert D. Kohn and Charles Butler, architects" (PDF). New York City Landmarks Preservation Commission. March 15, 2005. Archived from the original (PDF) on February 18, 2017. Retrieved February 4, 2014.
^ "Frederick Loeser, 279 Fulton Street". Brooklyn Daily Eagle. January 6, 1870. p. 2.
^ ^a ^b "An Immense Establishment. A View of Frederick Loeser & Co.'s New Store". Brooklyn Daily Eagle. March 22, 1887. p. 1.
^ Ernest Kurtz (1979). Not-God; A History of Alcoholics Anonymous. Hazelden Educational Services. p. 25, pp. 41-42, and endnote 58, p. 258.