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Warehouse Club was initially funded through private investments and a public offering in 1986, trading on NASDAQ under the ticker symbol "WCLB." Key early investors included [https://en.wikipedia.org/wiki/A._Alfred_Taubman A. Alfred Taubman], [https://en.wikipedia.org/wiki/Max_M._Fisher Max M. Fisher], and [https://en.wikipedia.org/wiki/George_F._Valassis George F. Valassis], who acquired a 41% stake in 1987.<ref name="Investors1986">"Key Investors Drive Warehouse Club Expansion," ''Crain's Chicago Business'', July 3, 1986.</ref><ref name="valassis1987">"Warehouse Club 41% Stake Sold to Detroit Investors," ''Wall Street Journal'', May 1, 1987.</ref> These investments facilitated expansion across the Midwest.
Warehouse Club was initially funded through private investments and a public offering in 1986, trading on NASDAQ under the ticker symbol "WCLB." Key early investors included [https://en.wikipedia.org/wiki/A._Alfred_Taubman A. Alfred Taubman], [https://en.wikipedia.org/wiki/Max_M._Fisher Max M. Fisher], and [https://en.wikipedia.org/wiki/George_F._Valassis George F. Valassis], who acquired a 41% stake in 1987.<ref name="Investors1986">"Key Investors Drive Warehouse Club Expansion," ''Crain's Chicago Business'', July 3, 1986.</ref><ref name="valassis1987">"Warehouse Club 41% Stake Sold to Detroit Investors," ''Wall Street Journal'', May 1, 1987.</ref> These investments facilitated expansion across the Midwest.


==== Expansion and Growth (1985–1990) ====
=== Expansion and Growth (1985–1990) ===


By the mid-1980s, Warehouse Club expanded its footprint, focusing on the Chicago metropolitan area and entering new markets. In 1986, the company acquired leases from the closed Pick 'N Save grocery stores in [https://en.wikipedia.org/wiki/Arlington_Heights,_Illinois Arlington Heights, Illinois] and [https://en.wikipedia.org/wiki/Lombard,_Illinois Lombard, Illinois], solidifying its presence in the greater Chicago area.<ref name="PickNSave1986">"Firm Assumes Grocery-Store Leases," ''Arlington Heights Daily Herald Suburban Chicago'', February 21, 1986, p. 34.</ref>
By the mid-1980s, Warehouse Club expanded its footprint, focusing on the Chicago metropolitan area and entering new markets. In 1986, the company acquired leases from the closed Pick 'N Save grocery stores in [https://en.wikipedia.org/wiki/Arlington_Heights,_Illinois Arlington Heights, Illinois] and [https://en.wikipedia.org/wiki/Lombard,_Illinois Lombard, Illinois], solidifying its presence in the greater Chicago area.<ref name="PickNSave1986">"Firm Assumes Grocery-Store Leases," ''Arlington Heights Daily Herald Suburban Chicago'', February 21, 1986, p. 34.</ref>
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The company sought to capitalize on the departure of [https://en.wikipedia.org/wiki/BJ%27s_Wholesale_Club BJ's Wholesale Club] from the Chicago market in 1987 by offering former BJ's members the opportunity to transfer their memberships.<ref name="BJsExit1987">"Buying club seeks B.J.'s members," ''Arlington Heights Daily Herald Suburban Chicago'', November 8, 1990, p. 251.</ref>
The company sought to capitalize on the departure of [https://en.wikipedia.org/wiki/BJ%27s_Wholesale_Club BJ's Wholesale Club] from the Chicago market in 1987 by offering former BJ's members the opportunity to transfer their memberships.<ref name="BJsExit1987">"Buying club seeks B.J.'s members," ''Arlington Heights Daily Herald Suburban Chicago'', November 8, 1990, p. 251.</ref>


==== Aggressive Expansion and Financial Challenges (1986–1990) ====
=== Aggressive Expansion and Financial Challenges (1986–1990) ===


The late 1980s saw intensified competition from major players like [https://en.wikipedia.org/wiki/Costco Costco], [https://en.wikipedia.org/wiki/Price_Club Price Club], and [https://en.wikipedia.org/wiki/Sam's_Club Sam's Club]. These competitors leveraged economies of scale to offer lower prices, challenging smaller firms like Warehouse Club.<ref name="Crains1990">Murphy, H. Lee. "Next Retail Battlefield: Warehouse Clubs," ''Crain's Chicago Business'', July 9, 1990.</ref>
The late 1980s saw intensified competition from major players like [https://en.wikipedia.org/wiki/Costco Costco], [https://en.wikipedia.org/wiki/Price_Club Price Club], and [https://en.wikipedia.org/wiki/Sam's_Club Sam's Club]. These competitors leveraged economies of scale to offer lower prices, challenging smaller firms like Warehouse Club.<ref name="Crains1990">Murphy, H. Lee. "Next Retail Battlefield: Warehouse Clubs," ''Crain's Chicago Business'', July 9, 1990.</ref>
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In January 1987, investor [https://en.wikipedia.org/wiki/George_F._Valassis George F. Valassis] acquired a 41% stake, aiming to inject capital and influence strategic direction.<ref name="DowJones1987a">Dow Jones News Service, January 15, 1987.</ref> However, financial woes continued due to persistent competitive pressures.
In January 1987, investor [https://en.wikipedia.org/wiki/George_F._Valassis George F. Valassis] acquired a 41% stake, aiming to inject capital and influence strategic direction.<ref name="DowJones1987a">Dow Jones News Service, January 15, 1987.</ref> However, financial woes continued due to persistent competitive pressures.


==== Operational Adjustments and Market Conditions (1987–1991) ====
=== Operational Adjustments and Market Conditions (1987–1991) ===


To mitigate losses, Warehouse Club began closing underperforming stores. In April 1987, two Chicago-area warehouses were shut down as part of a consolidation strategy.<ref name="DowJones1987b">Dow Jones News Service, April 22, 1987.</ref> In September 1990, two more unprofitable stores were closed, resulting in a $1.8 million charge but expected to improve cash flow.<ref name="PRNewswire1990a">PR Newswire, September 10, 1990.</ref>
To mitigate losses, Warehouse Club began closing underperforming stores. In April 1987, two Chicago-area warehouses were shut down as part of a consolidation strategy.<ref name="DowJones1987b">Dow Jones News Service, April 22, 1987.</ref> In September 1990, two more unprofitable stores were closed, resulting in a $1.8 million charge but expected to improve cash flow.<ref name="PRNewswire1990a">PR Newswire, September 10, 1990.</ref>
Line 91: Line 91:
Leadership changes continued as the company sought stability. In March 1991, [https://en.wikipedia.org/wiki/Sherwin_Deutchman Sherwin Deutchman] resigned as President and COO, succeeded by [https://en.wikipedia.org/wiki/James_V._Walsh James V. Walsh].<ref name="PRNewswire1991a">PR Newswire, March 5, 1991.</ref>
Leadership changes continued as the company sought stability. In March 1991, [https://en.wikipedia.org/wiki/Sherwin_Deutchman Sherwin Deutchman] resigned as President and COO, succeeded by [https://en.wikipedia.org/wiki/James_V._Walsh James V. Walsh].<ref name="PRNewswire1991a">PR Newswire, March 5, 1991.</ref>


==== Continued Financial Struggles and Strategic Shifts (1991–1995) ====
=== Continued Financial Struggles and Strategic Shifts (1991–1995) ===


Financial difficulties persisted into the early 1990s. For the fiscal year ending September 30, 1990, the company reported a net loss of $4 million on sales of $265.2 million.<ref name="PRNewswire1990c">PR Newswire, December 12, 1990.</ref>
Financial difficulties persisted into the early 1990s. For the fiscal year ending September 30, 1990, the company reported a net loss of $4 million on sales of $265.2 million.<ref name="PRNewswire1990c">PR Newswire, December 12, 1990.</ref>
Line 103: Line 103:
Despite these initiatives, financial recovery remained elusive. In February 1995, Warehouse Club filed for [https://en.wikipedia.org/wiki/Chapter_11 Chapter 11] bankruptcy protection.<ref name="SupermarketNews1995">"Warehouse Club Files Chapter 11," ''Supermarket News'', February 13, 1995.</ref>
Despite these initiatives, financial recovery remained elusive. In February 1995, Warehouse Club filed for [https://en.wikipedia.org/wiki/Chapter_11 Chapter 11] bankruptcy protection.<ref name="SupermarketNews1995">"Warehouse Club Files Chapter 11," ''Supermarket News'', February 13, 1995.</ref>


==== Decline and Closure (1994–1996) ====
=== Decline and Closure (1994–1996) ===


By late 1994, Warehouse Club faced insurmountable financial challenges. The company filed for Chapter 11 bankruptcy on February 2, 1995, and announced plans to close four unprofitable stores.<ref name="Ch11Filing1995">"Warehouse Club files Ch. 11, shuts units," ''Discount Store News'', February 20, 1995, p. 4.</ref>
By late 1994, Warehouse Club faced insurmountable financial challenges. The company filed for Chapter 11 bankruptcy on February 2, 1995, and announced plans to close four unprofitable stores.<ref name="Ch11Filing1995">"Warehouse Club files Ch. 11, shuts units," ''Discount Store News'', February 20, 1995, p. 4.</ref>

Revision as of 01:20, 15 September 2024

Warehouse Club, Inc.
Logo Logo of Warehouse Club
Type Public
Traded as NASDAQ: WCLB (1986–1994)
Industry Retail
Founded 1983
Defunct 1996
Fate Closed due to financial difficulties and competitive pressures
Headquarters Niles, Illinois, United States; Skokie, Illinois, United States
Locations 15 over its lifetime
Area served Midwestern United States
Key people

Template:Plainlist

Products General merchandise, groceries, automotive supplies
Revenue $134 million (1993)[1]
Operating income -$4.5 million (1993)[1]
Net income Loss of $6.6 million in 1994[2]
Assets $82 million (1993)[1]
Number of employees 500 (1993)[1]

Warehouse Club, Inc. was a membership-based wholesale retail chain founded in 1983 by Walter H. Teninga, a former executive at S.S. Kresge Co. (later known as Kmart), and Sid Doolittle. The company aimed to provide significant savings on a wide range of products, including general merchandise, groceries, and automotive supplies, primarily targeting small business owners, corporate employees, union members, and credit union members.

Over the course of its operation, Warehouse Club owned and operated 15 locations across the Midwestern United States. However, the company struggled to compete with larger national chains such as Sam's Club and Costco. Despite efforts to expand and adapt, including the opening of a key location in Chicago's Clybourn Corridor in 1994, Warehouse Club ultimately ceased operations in 1996 due to financial difficulties and competitive pressures. Although its time in the retail industry was brief, Warehouse Club played a role in the broader acceptance and evolution of the membership-based wholesale model.

History

Founding and Early Years (1983–1985)

Warehouse Club, Inc. was founded in 1983 by Walter H. Teninga, who had previously served as an executive at S.S. Kresge Co. and briefly at Price Club. Teninga left Price Club after a short tenure when its founder, Sol Price, declined to expand into the Midwest. Motivated by this experience, Teninga pursued his vision of a membership-based wholesale retail chain, leading to the creation of Warehouse Club, Inc. He co-founded the company with Sid Doolittle, a former Montgomery Ward executive who played a key role in shaping the company's initial strategy.[3]

Doolittle's innovative ideas in the warehouse retail model gained attention from prominent figures in the industry. Notably, Sam Walton, the founder of Walmart and Sam's Club, visited one of Doolittle's early warehouse clubs to gain insights into the business model. This encounter influenced Walton's vision for Sam's Club, highlighting Doolittle's impact on modern retail.[4]

The company initially planned to open its first store in Elk Grove Village, Illinois, but zoning issues and failed lease negotiations led to the abandonment of this location.[5] Despite this setback, Teninga established the first Warehouse Club location in Niles, Illinois later that year. The store quickly attracted approximately 35,000 members within its first five months, focusing on providing wholesale prices to small businesses and corporate accounts.[6]

Investors and Initial Growth

Warehouse Club was initially funded through private investments and a public offering in 1986, trading on NASDAQ under the ticker symbol "WCLB." Key early investors included A. Alfred Taubman, Max M. Fisher, and George F. Valassis, who acquired a 41% stake in 1987.[7][8] These investments facilitated expansion across the Midwest.

Expansion and Growth (1985–1990)

By the mid-1980s, Warehouse Club expanded its footprint, focusing on the Chicago metropolitan area and entering new markets. In 1986, the company acquired leases from the closed Pick 'N Save grocery stores in Arlington Heights, Illinois and Lombard, Illinois, solidifying its presence in the greater Chicago area.[9]

Simultaneously, Warehouse Club entered markets in Michigan, Ohio, and Pennsylvania, aiming to capture a larger share of the warehouse retail sector.[10] The company employed aggressive marketing strategies, including direct price comparisons with retailers like Kmart and Sears, to attract members.[11]

The company sought to capitalize on the departure of BJ's Wholesale Club from the Chicago market in 1987 by offering former BJ's members the opportunity to transfer their memberships.[12]

Aggressive Expansion and Financial Challenges (1986–1990)

The late 1980s saw intensified competition from major players like Costco, Price Club, and Sam's Club. These competitors leveraged economies of scale to offer lower prices, challenging smaller firms like Warehouse Club.[13]

Despite increasing sales, Warehouse Club struggled with profitability due to high operating costs. In the third quarter of 1986, the company reported a loss of $891,000, even as sales rose.[14] By the fourth quarter, losses had escalated to $1.26 million.[15]

In January 1987, investor George F. Valassis acquired a 41% stake, aiming to inject capital and influence strategic direction.[16] However, financial woes continued due to persistent competitive pressures.

Operational Adjustments and Market Conditions (1987–1991)

To mitigate losses, Warehouse Club began closing underperforming stores. In April 1987, two Chicago-area warehouses were shut down as part of a consolidation strategy.[17] In September 1990, two more unprofitable stores were closed, resulting in a $1.8 million charge but expected to improve cash flow.[18]

In June 1990, the company entered into a sale-leaseback transaction involving six operating units, expected to generate $2.5 million after debt repayment.[19] However, the deal faced delays due to financing difficulties.

Leadership changes continued as the company sought stability. In March 1991, Sherwin Deutchman resigned as President and COO, succeeded by James V. Walsh.[20]

Continued Financial Struggles and Strategic Shifts (1991–1995)

Financial difficulties persisted into the early 1990s. For the fiscal year ending September 30, 1990, the company reported a net loss of $4 million on sales of $265.2 million.[21]

In November 1990, A&P proposed acquiring a 51% stake, but the agreement was terminated in December 1990, representing a missed opportunity for financial recovery.[22]

In October 1991, Warehouse Club initiated an $8.5 million rights offering to raise capital for restructuring efforts.[23]

In December 1994, the company became the first wholesale club to accept Visa, Mastercard, and Discover cards across all locations, aiming to enhance customer convenience.[24]

Despite these initiatives, financial recovery remained elusive. In February 1995, Warehouse Club filed for Chapter 11 bankruptcy protection.[25]

Decline and Closure (1994–1996)

By late 1994, Warehouse Club faced insurmountable financial challenges. The company filed for Chapter 11 bankruptcy on February 2, 1995, and announced plans to close four unprofitable stores.[26]

In August 1995, Warehouse Club announced it would liquidate its remaining assets.[27] The liquidation included the closure of the Dayton, Ohio store, with a going-out-of-business sale managed by Gordon Brothers.[28]

In September 1996, Steven J. Zabel resigned, marking another significant loss in leadership.[29] Ultimately, the company ceased operations by mid-1996.[30]

Business Model

Membership Structure

Warehouse Club operated on a membership-based model targeting small business owners, corporate employees, union members, and credit union members.[31] By focusing on these groups, the company aimed to create a loyal customer base incentivized to make regular purchases.

Product Offerings

The company offered a wide range of products, including general merchandise, groceries, automotive supplies, electronics, and home goods.[32] Warehouse Club emphasized bulk purchasing and streamlined supply chains to offer products at prices lower than traditional retailers.[33]

Over the years, the company made merchandising adjustments, such as experimenting with store layout changes by placing seasonal items and apparel at the front to increase visibility and drive impulse purchases.[34]

Marketing and Advertising

Marketing efforts included direct mail campaigns, newspaper advertisements, and in-store promotions.[35] The company used direct price comparisons with established retailers to highlight potential savings.[36]

Warehouse Club focused on creating a sense of exclusivity by limiting memberships to specific groups, fostering a sense of belonging among customers.[37]

Locations

Warehouse Club, Inc. operated multiple locations across Illinois, Michigan, Ohio, Indiana, and Pennsylvania.

Locations That Opened

Warehouse Club Locations
Location Address Opened Closed Notes
Illinois
Arlington Heights, Illinois 1700 East Rand Road May 22, 1986 April 3, 1987 Acquired from Pick 'N Save. Subleased to American Wholesale Club.[38]
Bridgeview, Illinois 9140 South Harlem Avenue October 30, 1986 March 5, 1995 Menards bought the property in 1995.[39]
Chicago, Illinois (Clybourn Corridor) Clybourn Avenue and Halsted Street March 26, 1994 March 5, 1995 Shared building with Montgomery Ward. Featured traditional retail layout.[40]
Lombard, Illinois 515 West Roosevelt Road May 22, 1986 April 3, 1987 Acquired from Pick 'N Save. Subleased to American Wholesale Club.[41]
Niles, Illinois 7420 North Lehigh Avenue July 4, 1983 September 1995 First Warehouse Club location.[6]
Indiana
Hammond, Indiana 2434 Interstate Plaza 1985 Late 1993 Part of Interstate Plaza shopping center.[42]
Michigan
Allen Park, Michigan 4000 Enterprise Drive November 1985 September 1995 Part of Michigan expansion.[43]
Hazel Park, Michigan 1727 E. Eight Mile Unknown Circa 1990 Demolished in 2009 for new shopping center.[44]
Redford Township, Michigan 24400 Plymouth Road November 1985 September 1995 Part of Michigan expansion.[45]
Ohio
Akron, Ohio 3210 South Arlington Road Unknown March 5, 1995
Columbus, Ohio 4252 Groves Rd. 1985 March 5, 1995 Implemented prototype layout changes in 1993.[46]
Columbus, Ohio 3770 Indianola Ave. 1985 September 10, 1990 Converted into storage facility in 1991.[47]
Dayton, Ohio 835 Edwin C. Moses Boulevard 1985 September 1995 Featured an automotive center.[48]
Pennsylvania
Bridgeville, Pennsylvania Chartiers Valley Shopping Center, 1025 Washington Pike 1986 September 1995 Tested one-hour photo service in 1993.[49]
North Versailles, Pennsylvania Pittsburgh Plaza East Shopping Center, 1701 Lincoln Highway 1985 September 10, 1990 Converted into Warehouse Flea Mart, later a Destinta Theatres megaplex.[50][51]

Proposed Locations That Never Opened

Proposed Warehouse Club Locations (Never Opened)
Location Address Notes
Illinois
Chicago, Illinois (South Loop) 509 W. Roosevelt Road Intended to open by spring 1991 but never materialized.[52]
Cicero, Illinois Unknown One of three proposed Chicago-area locations.[53]
Elk Grove Village, Illinois 1950 Pratt Blvd. Original proposed location; never opened due to zoning and leasing issues.[5]
Evanston, Illinois Unknown One of three proposed Chicago-area locations.[53]
Michigan
Roseville, Michigan Unknown Originally constructed for Home Depot; left unoccupied when plans changed.[54]

Corporate Structure

Management and Leadership

Warehouse Club, Inc. was founded by Walter H. Teninga, who served as the company's first CEO.[55] Sid Doolittle co-founded the company but left in 1985.[56]

Teninga's management style led to high turnover among top executives.[57] In July 1986, James McKitrick was appointed President and CEO but resigned in January 1987.[58]

In July 1991, Teninga resigned as Chairman and CEO, succeeded by James V. Walsh.[59] By the early 1990s, Everett Buckhardt had taken over as CEO.[60]

Headquarters

The company's headquarters were initially in Niles, Illinois, later relocating to Skokie, Illinois, and then back to Niles due to financial difficulties.[61]

Financial Overview

Warehouse Club's financial performance varied significantly. Early growth was followed by deterioration in the late 1980s due to competition.[62] The failed acquisition deal with A&P in 1990 exacerbated financial woes.[63][64]

Competition

Key Competitors

Warehouse Club, Inc. operated in a highly competitive market dominated by major warehouse retail chains such as Sam's Club, Costco, and Price Club.

  • Sam's Club: A division of Walmart, offering competitive pricing and a wide product range.[65]
  • Costco: Known for high-quality products at low prices.[66]
  • Price Club: The original warehouse club concept founded by Sol Price.[67]

Market Dynamics

The warehouse retail sector was characterized by intense competition and aggressive pricing strategies. Larger chains leveraged economies of scale, making it difficult for smaller players like Warehouse Club to compete.[68]

Legacy and Impact

Impact on Retail Industry

Warehouse Club played a role in the evolution of the membership-based retail warehouse model in the United States. Its early efforts contributed to the broader acceptance and expansion of this retail format.[69]

Aftermath of Closure

After closing, many former locations were repurposed or taken over by competitors. The company's pioneering efforts left an imprint on the industry, particularly in the Midwest.[70]

References

Citations

  1. ↑ 1.0 1.1 1.2 1.3 Warehouse Club Annual Report, 3rd Quarter 1993.
  2. ↑ "Warehouse Club Financials," Chicago Business, April 9, 1994.
  3. ↑ "Warehouse Club Opens in Niles," Arlington Heights Daily Herald Suburban Chicago, May 22, 1986, p. 37.
  4. ↑ "Warehouse Club Pioneer Dies in Evanston," Evanston Now, August 2024.
  5. ↑ 5.0 5.1 "Elk Grove Industrial Park Plans Halted," Arlington Heights Daily Herald Suburban Chicago, February 16, 1983, p. 23.
  6. ↑ 6.0 6.1 "Warehouse Club Opens in Niles," Chicago Tribune, December 29, 1983, p. 9.
  7. ↑ "Key Investors Drive Warehouse Club Expansion," Crain's Chicago Business, July 3, 1986.
  8. ↑ "Warehouse Club 41% Stake Sold to Detroit Investors," Wall Street Journal, May 1, 1987.
  9. ↑ "Firm Assumes Grocery-Store Leases," Arlington Heights Daily Herald Suburban Chicago, February 21, 1986, p. 34.
  10. ↑ Murphy, H. Lee. "Warehouse Club Expands Beyond Chicago," Crain's Chicago Business, July 10, 1987.
  11. ↑ "Warehouse Club Launches Aggressive Marketing Campaign," Chicago Sun-Times, July 26, 1987, p. 11.
  12. ↑ "Buying club seeks B.J.'s members," Arlington Heights Daily Herald Suburban Chicago, November 8, 1990, p. 251.
  13. ↑ Murphy, H. Lee. "Next Retail Battlefield: Warehouse Clubs," Crain's Chicago Business, July 9, 1990.
  14. ↑ Dow Jones News Service, October 10, 1986.
  15. ↑ Dow Jones News Service, December 12, 1986.
  16. ↑ Dow Jones News Service, January 15, 1987.
  17. ↑ Dow Jones News Service, April 22, 1987.
  18. ↑ PR Newswire, September 10, 1990.
  19. ↑ PR Newswire, June 15, 1990.
  20. ↑ PR Newswire, March 5, 1991.
  21. ↑ PR Newswire, December 12, 1990.
  22. ↑ PR Newswire, December 24, 1990.
  23. ↑ PR Newswire, October 15, 1991.
  24. ↑ PR Newswire, December 1, 1994.
  25. ↑ "Warehouse Club Files Chapter 11," Supermarket News, February 13, 1995.
  26. ↑ "Warehouse Club files Ch. 11, shuts units," Discount Store News, February 20, 1995, p. 4.
  27. ↑ "Warehouse Club to Liquidate," Crain's Chicago Business, August 7, 1995, p. 1.
  28. ↑ Dillon, Jim. "Warehouse Club Closing Sale Begins," Dayton Daily News, August 12, 1995.
  29. ↑ PR Newswire, September 5, 1996.
  30. ↑ "Retail Bankruptcies Reflect Industry Woes," Women's Wear Daily, October 1, 1996.
  31. ↑ "Warehouse Club Opens in Niles," Chicago Tribune, December 29, 1983, p. 9.
  32. ↑ "Warehouse Club: A New Way to Shop," Arlington Heights Daily Herald Suburban Chicago, February 10, 1989, p. 16.
  33. ↑ "Warehouse Club Launches Aggressive Marketing Campaign," Chicago Sun-Times, July 26, 1987, p. 11.
  34. ↑ Chanil, Debra. "Wholesale clubs: Pause for reflection," Discount Merchandiser, November 1993, p. 33.
  35. ↑ "Firm Assumes Grocery-Store Leases," Arlington Heights Daily Herald Suburban Chicago, February 21, 1986, p. 34.
  36. ↑ "Buying club seeks B.J.'s members," Arlington Heights Daily Herald Suburban Chicago, November 8, 1990, p. 251.
  37. ↑ "Warehouse Club Opens in Niles," Chicago Tribune, December 29, 1983, p. 9.
  38. ↑ "Firm Assumes Grocery-Store Leases," Arlington Heights Daily Herald Suburban Chicago, February 21, 1986, p. 34.
  39. ↑ "The Ticker - Chicago," Chicago Sun-Times, September 25, 1995, p. 44.
  40. ↑ Veverka, Mark. "Warehouse Club pins hopes on city foray," Crain's Chicago Business, April 11, 1994, p. 37.
  41. ↑ "Another Wholesale Club Sets Sights on Suburbia," Arlington Heights Daily Herald Suburban Chicago, July 26, 1987, p. 11.
  42. ↑ Template:Cite news
  43. ↑ "Warehouse Club Expands in Michigan," Detroit Free Press, May 22, 1985, p. 12.
  44. ↑ "Hazel Park: Vacant building to meet wrecking ball," Detroit Free Press, May 31, 2009, p. A.10.
  45. ↑ "Warehouse Club: A Growing Presence in Michigan," Detroit Free Press, July 15, 1985, p. 14.
  46. ↑ Template:Cite journal
  47. ↑ Template:Cite news
  48. ↑ "Warehouse Club Opens in Dayton with Automotive Center," Dayton Daily News, February 10, 1985, p. 8.
  49. ↑ Template:Cite journal
  50. ↑ Wempa, Marilyn K. "Bigger is Better for Everyone at North Versailles Flea Mart," Pittsburgh Post-Gazette, February 28, 1997.
  51. ↑ Weiskind, Ron. "North Versailles Megaplex Cinemas to Open in May," Pittsburgh Post-Gazette, December 21, 1998.
  52. ↑ Template:Cite news
  53. ↑ 53.0 53.1 Murphy, H. Lee. "Next Retail Battlefield: Warehouse Clubs," Crain's Chicago Business, July 9, 1990.
  54. ↑ Bodwin, Amy. "Home Depot May Not Open Detroit Stores," Crain's Detroit Business, February 3, 1986, p. 1.
  55. ↑ "Teninga Leads New Warehouse Club," Chicago Tribune, April 4, 1983.
  56. ↑ Murphy, H. Lee. "Next Retail Battlefield: Warehouse Clubs," Crain's Chicago Business, July 9, 1990.
  57. ↑ Waldstein, Peter D. "Warehouse Store Roster Grows, but Shakeout Looms," Crain's Chicago Business, June 29, 1987.
  58. ↑ Goff, Lisa. "Retail Pro Tapped as Warehouse Club Prexy," Crain's Chicago Business, July 21, 1986.
  59. ↑ Scott, Chris. "Teninga Resigns Posts at Warehouse Club," Crain's Chicago Business, July 29, 1991.
  60. ↑ "Warehouse Club Struggles Under New Leadership," Wall Street Journal, December 24, 1990.
  61. ↑ "Warehouse Club Relocates Headquarters to Skokie," Chicago Tribune, July 15, 1985.
  62. ↑ "Warehouse Club Financial Struggles," Arlington Heights Daily Herald Suburban Chicago, February 10, 1989.
  63. ↑ "A&P Makes Offer for Warehouse Club," Arlington Heights Daily Herald Suburban Chicago, November 8, 1990.
  64. ↑ "Business Brief -- Warehouse Club Inc.: Accord to Sell 51% Stake to A&P Chain Is Ended," Wall Street Journal, December 24, 1990.
  65. ↑ "Warehouse Club Faces Stiff Competition from Sam's Club," Wall Street Journal, April 15, 1989.
  66. ↑ "Costco's Dominance in the Warehouse Retail Sector," Los Angeles Times, July 10, 1987.
  67. ↑ "The Influence of Price Club on Warehouse Club," Chicago Tribune, December 12, 1986.
  68. ↑ "Warehouse Retail Market Dynamics in the 1980s and 1990s," Retail Industry Analysis, March 1988.
  69. ↑ "Warehouse Club's Influence on Retail," Retail Weekly, March 12, 1995.
  70. ↑ "Warehouse Club: A Pioneering Retailer," Retail History Journal, February 10, 1995.
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