Retailing: Discounter on 34th Street

THE WORLD'S LARGEST STORE GREETS A NEW NEIGHBOR ran the full-page newspaper ad. Thus the daddy of department stores said hello last week to the daddy of discounters. With the opening of a new nine-story, marble-and-glass store directly across from Macy's, E. J. Korvette, Inc., has moved into Manhattan's bustling Herald Square-34th Street retailers' lair, which also houses such formidable outfits as Gimbel Bros., B. Altman and Ohrbach's.

As Macy's president, David L. Yunich, sees it, the newcomer "will generate business on its own, which will benefit all of us." Though plagued...

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