Barney Pressmen
Native New Yorker from the born 1895 in the Jewish Community of the Lower Eastside of Manhattan had a dream to open a clothing store and sale designer suits for men at a discount price he figured out how to get the items at a cheap price and charge discounted price without losing money on his ROI. By purchasing his inventory at:
- Sample Sales
- Buying Overstock Retail
- Buying Manufacturer's Closeouts at Auctions
- Buying inventory from Bankruptcy Sales
In order for Barney get cash to lease the front on 7th avenue and 17th street, he pawned his wife's engagement ring. History was in the making.
The first Grand Opening of Barney's clothing Store he only had 40 suites in stock and a Big sign with the slogan " No Bunk, No Junk, No Imitations.
So, how did he get such fashionable suites at a discounted? Custom Fit was his niche so, Barney offered free alterations with the purchase so that suit could be custom tailored fitted to size and that sold.
When Barney Pressmen died in Miami Florida 1991; His son Fred Pressmen took over the business in 1975(since Barney retired but still active on the Broad) and his sons worked in the business financial and Merchandising departments.
Fred’s Daughter Louise Sunshine is the Co-founder of the one of the nation’s Premier marketing leasing
Real Estate Company for luxury residential and condominiums hotels called The Sunshine Group.
The Beginning of the Luxury Department Store for the Wealthy
Fred Pressmen was Barney’s son who changed Barneys New York from a men’s discount suit shop in a sanctionary for designers fashion retail paradise for luxury clients to purchase in 1968.
Therefore Fred dedicated 5 floors at Barney’s for International designers to display and sales their craftsmanship.
Then he later implemented other Departments in the store such as women clothing, elegant housewares, Unique cosmetics, and luxury gifts.
Therefore Barneys New York becomes the Luxury Department store for the well to do.
In the 1970’s Fred’s sons, Gene and Bob helped run the family business which gave Barneys New York an Urban Chic feel for the wealthy Hipsters.
So, in the 1980’s they created a floor for Women’s garments. Celebrities like Grace Jones, Madonna and etc., Barneys was their personal stylist in New York City.
When they were home in NYC first stop was Barneys and you were guaranteed to see them there as well.
Barney’s Financially was doing great. So, Barney’s decided to partner with a Japanese company called Isetan Company so that they could get international exposure globally;
but it did not work as well as they thought. Therefore Barney's ended up filing for Chapter 11 to end the partnership with Isetan Company so that they could keep the company in the family.
The End of the Real Barneys New York
Fred Pressmen died of Pancreatic Cancer July 14th, 1996 at the age 73 yr old.Fred’s definition of retailing was “ Product and merchandise not merchandising ledger book but from the feel of the fabric and instinct.He also believed that the best value you can offer a customer is personal attention to every detail and they will return again and again.He said in his interview with the New York Times” Ultimately the customer cares the most about how he or she is treated”.I say amen, that’s why I only Guide 15 guest around New York City so I can serve everyone and give my undivided attention to everyone no matter what.
