FedMart

“Pay double, and you get your pick of the best workers. Turnover disappears. Theft becomes almost non-existent. People start treating your business like it's their business.”

“Those charity connections, they'd become his first investors when he needed capital for FedMart in 16 years, too.”

“In the first year, he projected they would do a million in sales, but the actual first year sales were three million.”

“He put in 5000 dollars of his own money, which was serious money for him back then. His law firm chipped in 10,000. Seven friends invest 5000 each. 50,000 dollars total.”

“The San Antonio retailers paid 50 cents an hour in 1957. Saul paid a dollar. Let's look at what happened. Employees could afford health care and dignity. Communities got stable families, not desperate workers. FedMart attracted the best people with near zero t…”

“He makes a rule that nothing in Fedmark Can ever be sold below cost. There's no loss leaders, period.”

“Although we are interested in margin, it must never be done at the expense of our philosophy. Margin must be obtained by better buying, emphasis on selling the kind of goods we want to sell, operating efficiencies, lower markdowns, greater turnover, etc. Incre…”

“He said, 80% of a retailer's cost is payroll. Fewer items means less labor, less time ordering, less time stocking, less time checking out.”