History
It was founded in 1960 by Montreal-based grocery chain Steinberg and its first store opened in 1961. Miracle Mart was initially supposed to operate under the name Steinberg-Woodward as part of a joint venture between Steinberg and Vancouver-based department store Woodward's, but the partnership rapidly ended.
Miracle Mart operated at mid-level and competed with the likes of Towers/Bonimart, Zellers, Woolco and Kmart. There was also a spinoff grocery chain, Miracle Food Mart, that operated exclusively in Ontario. In order to provide photographic film-processing services at Miracle Mart stores, a company was created by the Greenberg brothers, named Angreen Photo, which evolved into Astral Photo and is now giant Astral Media.
The chain was facing financial problems since the early 1970s. In 1986, Steinberg closed several Miracle Mart department stores, including all Ontario stores outside of the Ottawa area. The remaining stores in Quebec and Ottawa that didn't close were renamed M, and the Miracle Mart name disappeared. The size of some Miracle Mart stores was also reduced upon their conversions as M stores. This rebranding strategy by the chain proved to be ineffective, as the M department chain was struggling financially and turned out to be as unsuccessful as its predecessor.
The M stores were liquidated in 1992, virtually the same time parent company Steinberg went bankrupt. The original store in Pont-Viau, Laval was still in operation when the company declared bankruptcy.
Read more about this topic: Miracle Mart (Canada)
Famous quotes containing the word history:
“Tell me of the height of the mountains of the moon, or of the diameter of space, and I may believe you, but of the secret history of the Almighty, and I shall pronounce thee mad.”
—Henry David Thoreau (1817–1862)
“The history of his present majesty, is a history of unremitting injuries and usurpations ... all of which have in direct object the establishment of an absolute tyranny over these states. To prove this, let facts be submitted to a candid world, for the truth of which we pledge a faith yet unsullied by falsehood.”
—Thomas Jefferson (1743–1826)
“We said that the history of mankind depicts man; in the same way one can maintain that the history of science is science itself.”
—Johann Wolfgang Von Goethe (1749–1832)