Salters, Inc.

Abstract

Salters, Inc. is a retailer of ladies ready to wear clothing. The company was formed in 1909 by Abe Salter and his two brothers. In 1928 David Newman, son-in-law of Abe Salter, became president. David Newman's son, Richard, joined the firm in 1952 and became president in 1970. | The company was originally headquartered in the heart of the downtown business district of a medium size midwestern city. In those days virtually all the commerce and industry, outside of agriculture, was located in or about the downtown sector. All the retailers were located in tall, multi-storied buildings. However, with the exception of McPhearsons, a large department store, Salters was the only apparel retailer in the city who owned its own real estate. Initially, Salters owned one building and leased space in a connecting building. In 1950 they purchased the adjoining property. With this acquisition the company owned and operated over 40,000 square feet, spread over seven floors. Because of the income tax laws of the time, the Salters found it to their advantage to maintain two separate corporations. One corporation called Salters Real Estate Company, owned and leased the buildings to Salters, Inc. the retailing company.