Founded in 1928 by George Farkas, and catering to low- and middle-income consumers, Alexander's offered discounted designer fashions and high-quality private label goods. At its height, the company operated 15 stores, including locations in midtown Manhattan (the flagship at 59th Street and Lexington Avenue), the World Trade Center, Kings Plaza in Brooklyn, Fordham Road in the Bronx, Queens Boulevard in Rego Park, Valley Stream in Long Island, Paramus, New Jersey, Main Street, Flushing in New York, White Plains, New York and Milford, Connecticut.
The company's hold on the marketplace began to slip in the 1970s, as customers defected to larger competitors and specialty retailers. In 1980, Interstate Properties took a major stake in the ailing chain, seeking to convert its real estate to more profitable ventures. Throughout the 1980s, Alexander's management struggled to expand the retailer's offerings beyond leisure apparel, but was often distracted by real estate sell-offs. The company made a last-ditch effort to modernize in the early 1990s by expanding its activewear, electronics, housewares, sports equipment, and toy departments, but to no avail. Alexander's finally declared bankruptcy in 1992 as debts to vendors mounted and inventories dwindled.
After being reorganized into a real estate company, Alexander's began selling off its valuable properties to developers. The company had owned all the real estate its large stores sat on. Vornado, a real estate firm (which in a previous form was another discount department store chain, Two Guys), had bought a controlling share of Alexander's at bargain prices and refocused the company on development of its land holdings.
"You'll find Alexander's has what you're looking for; how lucky can you get?!", an Alexander's slogan / advertising jingle.
