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Sears Roebuck in the Twentieth Century: Competition, Complementarities, and the Problem of Wasting Assets

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  • Daniel Raff
  • Peter Temin

Abstract

Sears Roebuck and Co. faced similar challenges in the 1920s and the 1980s. On the strength of the early period's strategic investment decisions, the company grew into the nation's largest retailer and a pervasive factor in the economy. In the later period, unanswered challenges nearly destroyed the company. We analyze the elements that contributed to the success in the 1920s and to the near disaster in the 1980s and place them in a broader and more systematic context. We argue that successful innovations combine a focus on an attractive market with an exploitation and even enhancement of a firm's existing competitive strengths.

Suggested Citation

  • Daniel Raff & Peter Temin, 1997. "Sears Roebuck in the Twentieth Century: Competition, Complementarities, and the Problem of Wasting Assets," NBER Historical Working Papers 0102, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberhi:0102
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    References listed on IDEAS

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    1. Peter Temin, 1991. "Inside the Business Enterprise: Historical Perspectives on the Use of Information," NBER Books, National Bureau of Economic Research, Inc, number temi91-1, March.
    2. Peter Temin, 1991. "Introduction to "Inside the Business Enterprise: Historical Perspectives on the Use of Information"," NBER Chapters, in: Inside the Business Enterprise: Historical Perspectives on the Use of Information, pages 1-6, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Steve Wood, 2009. "Organisational rigidities and marketing theory: examining the US department store c.1910--1965," The Service Industries Journal, Taylor & Francis Journals, vol. 31(5), pages 747-770, April.
    2. Batiz-Lazo, Bernardo & Buckley, Tom, 2021. "Early “Frictions” in the Transition towards Cashless Payments," MPRA Paper 108834, University Library of Munich, Germany.
    3. Emek Basker & Shawn Klimek & Pham Hoang Van, 2012. "Supersize It: The Growth of Retail Chains and the Rise of the “Big‐Box” Store," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 21(3), pages 541-582, September.
    4. L Hannah, 1997. "Marshalls Trees and the Global Forest: Were Giant Redwoods Different?," CEP Discussion Papers dp0318, Centre for Economic Performance, LSE.
    5. Hannah, L., 1997. "Marshall's 'trees' and the global 'forest': were 'giant redwoods different?," LSE Research Online Documents on Economics 20363, London School of Economics and Political Science, LSE Library.

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