Table of Contents
Foreword Leroy D. Watson ix
Preface: What's in a Name? xi
Coauthor's Note xv
A Trader Joe's Sampler
Before we get into the details, here are some Trader Joe's products that have especially interesting stories xvii
Section 1 How We Got There
1 The Milk Train Doesn't Stop Here Anymore
In 1965, I was forced by competitive pressures to convert a convenience store chain, Pronto Markets, into Trader Joe's 3
2 The God of Fair Beginnings
How I got started with Pronto Markets as a subsidiary of the giant Rexall Drug Co. in the 1950s 7
3 The Guns of August, the Wages of Success
I bought Pronto Markets in September 1962 and made the most important decision of my career: pay high wages 14
4 On the Road to Trader Joe's
Those high wages force me into merchandising moves, which led to Trader Joe's 24
5 How I Love Lucy Homogenized America
I smelled a chance to be different 28
6 Good Time Charley
Aloha! The first version of Trader Joe's, 1967, was the fun-leisure-party store 35
7 Uncorked!
How we managed to break price on wine despite the Fair Trade Laws 45
8 Whole Earth Harry
A serious recession forces me to marry the health food store to the party store, and I got Whole Earth religion in the process 60
9 Promise, Large Promise
Fearlessly advertising Trader Joe's 67
10 Hairballs 80
Section 2 Mac The Knife
11 Mac The Knife
End of Fair Trade on milk and alcohol in 1977 leads to the third and final version, which I called "Mac the Knife"*93
12 Intensive Buying
Honest, we love middlemen 100
13 Virtual Distribution
Outsourcing? So that's what you call it! 113
14 Private Label Products
Academic jokes for the overeducated and underpaid 125
15 From Discrete to Indiscretions
Standards are okay, up to a point 132
16 Too, Too Solid Stores
"Nymph, in thy orisons be all my sins remember'd!" 140
17 Skunks in the Office
Tom Peters runs amok in the organization chart 153
18 Double Entry Retailing
3-D tennis in the check stand 159
19 Demand Side Retailing
Geometry, Advantageous, but not necessarily true 163
20 Supply Side Retailing
Government Intrusion, a supply-side opportunity? 182
21 The Last Five Year Plans
Russia and Coulombe give up Five Year Plans in the same year, 1988 203
Section 3 First I Sell, Then I Leave
22 Employee Ownership
Founders yah, too bad. And that it led to … 211
23 The Sale of Trader Joe's
Money talks 217
24 Goodbye to All That
Auf Wiedersehen 228
Addendum
Post De-Partum
Or my ten years as a consultant 235
List of Companies 253
Index 254