Globe Shopping City: Difference between revisions

United Mercantile / Walgreens closed all of the Danburg locations in 1970 as its aging mid-sized department stores were under competition from shopping mall anchors and newer big-box stores. By 1976, Globe stores were underperforming and around 40% of sales were going to the leased areas of the stores.<ref>[https://archive.org/details/walgreensWBAannualreports/walgreens1976/page/n23/mode/2up "The Globe Division"], ''Walgreens Annual Report to Stockholders: 1976,'' p. 23.</ref> Walgreens ended the Globe-branded check cashing card and internal credit system in favor of bank credit cards to help efficiency. The final three stores were opened in San Antonio on March 9, 1977 to double the number of stores from three to six in the city.<ref>[https://newspaperarchive.com/san-antonio-express-news-mar-09-1977-p-6/ "Three new Globe stores now open"], [[San Antonio Express News]], March 9, 1977, p. 6-A.</ref> But later that same year, Walgreens reported lower earnings partly due to the financial downturn of its Globe store unit. Losses were at $10 million in 1977 when Walgreens decided to exit the big-box space in 1978 closing or transferring all of its Globe Discount City locations by July 1978.<ref>[https://www.newspapers.com/clip/115296550/arizona-daily-star/ "Closing of Globe Stores to Bring Loss of 170 Jobs."] [[Arizona Daily Star]]'','' March 15, 1978, p. 1B.</ref> Transactions were made to convert 14 locations to Kmarts and 8 locations became [[FedMart]] stores. FedMart would end up selling some of the buildings to [[Target]] and [[Mervyn's]] shortly thereafter. A number of locations which weren't transferred hosted auction sales to dispense with fixtures and any remaining inventory. The location in McAllen was sold to Klinck Drug Inc., who would continue to operate it under the Globe name and logo.<ref>[https://www.newspapers.com/clip/115240122/the-monitor/ "Klinck's Announces Purchase Of Globe Discount Center"], [[The Monitor]], August 1, 1978, p. 1 and [https://www.newspapers.com/clip/115240130/the-monitor/ p. 8A].</ref> In October 1999, Klinck was acquired by [[H-E-B]] and announced in November that store would close inat the end of Decemberthe 1999year due to "stiff competition".<ref>Cannon, Steve. [https://www.newspapers.com/clip/98550196/the-monitor/ "Klinck, Globe stores going under"], [[The Monitor]]'','' November 2, 1999, p.1.</ref>