Davega Stores - Business History

Business History

Davega Stores fourteenth location opened at 166-170 Jamaica Avenue in Jamaica, Long Island, in November 1928. Their twenty-seventh store opened at 924 Flatbush Avenue, Brooklyn, New York, in April 1932.

In June 1953 the business announced a sharp increase in profit over the previous year which ended on March 31, 1952. Net income came to $118, 998, amounting to .24 per common share. The firm's inventory increased by $143,000 over the previous year, with an inventory totaling $4,389,000. On December 16, 1953 Davega Stores' directors took no action on a common dividend, which had been .15, paid semiannually to shareholders. A regular quarterly dividend of .25 on 5 per cent preferred stock was declared, payable on January 2, 1954. In May 1954 the firm was generating $25,000,000 in annual revenue.

In April 1954 Davega Stores employed large newspaper space and window displays in marketing Line Drive, a baseball game manufactured by Lord & Freber of Los Angeles, California. The product tested players team-managing ability and playing style.

The corporation opened a new store at 152 West 42nd Street, in the Times Square area, on November 6, 1954. On opening day the store offered bargains like a $20 table radio for .98 and reconditioned television receivers for $7.95. It remained open all night the first day of business and until twelve midnight the following day.