L. Luria & Son
Founded : 1961
Activities : Retailing fine jewelry/operating leased department stores
Parent Company : Finlay Enterprises
Stockists : 53 locations
Origin : Miami, FL
L. Luria & Son, opened in Florida in 1961 and boomed in the 1970s and early 1980s as a leading catalog-showroom retailer whose core business of jewelry was complemented by discounted home furnishings.
The company went public in 1978, and a year later the company boasted 10 stores. At its height, the company had 53 stores in Florida, 3,000 employees and shares traded on the New York Stock Exchange.
The store’s catalog-showroom format required customers to fill out forms to get merchandise from a warehouse, a model that fascinated consumers because it offered discounts on home furnishings, luggage and other merchandise.
But catalog showrooms began losing favor with consumers with the proliferation of newer stores in the market selling much of the same merchandise consumers used to get at Luria’s.
In the late 1980s, Luria’s launched a strategy to revive the chain by converting its stores into larger, more modern superstores, and changing the catalog-showroom format to an off-the-shelf system. Ultimately, the company shrank.
By 1996, Ocean Reef Management purchased L. Luria & Son hoping to turn around the company’s fortunes.