David Feld - founder and CEO of Today's Man - The Apparel Players

Discount Store News, Dec 4, 1995

Today's Man founder David Feld just can't understand why people make the process of selling, clothing so complex. "If you have the right style at the right price at the right time, you will be successful," says Feld, who has grown his menswear superstore concept into 35 units on the East Coast and in Midwestern metro markets. He also reigns over one clearance outlet in Florida.

But don't let Feld's simplistic assessment of what it takes to succeed fool you. He has more than earned his spurs. both personally and professionally, having built a 217 million a year company.

Feld was born in a displaced-persons camp in West Germany in 1947 to Holocaust-survivor parents. He came to Ellis Island when he was 3 years old and went on to earn a "Ph.D. in value" by watching his Polish-born parents buy and sell "shmatas" in a farmer's market.

He applied his practical experience to the retail realm in '71 when he opened the first Today's Man store totaling 2,000 sq. ft. in downtown Philadelphia. The size was in line with a small specialty store, but Feld had bigger things in mind. After opening some new stores and expanding his resource structure, Feld opened his first 18,000-sq.-ft. superstore in Broomall, Pa., in 1980. In '86 he instituted a minimum of 25,000 sq. ft. for all future superstores.

The market has been receptive to Feld's technique, which is marked by the sale of branded and private label clothing and accessories at everyday low prices in a hassle-free shopping environment. "We see ourselves not just as one big, store, but as sex several specialty stores in one. We offer tailored clothing, - the bread and butter of our business that includes traditional, formalwear and Fridaywear - sportswear and furnishings. In our Chicago stores and coming soon to our downtown New York unit, we've added a fourth store, footwear.

"We want Today's Man to be an environment that makes people feel good," says Feld, noting that the stores operate on a "good, better, best" philosophy.

Value is a big part of the equation. For example, a private label 80s two-ply pinpoint oxford sells at Today's Man for $22.50. A similar private label model sells at better department stores for $37.

"Department stores are so proud that they can sell that shirt for $37, because if it said Ralph Lauren on the label, it would sell for 65," says Feld. Today's Man sells suits with such names as Palm Beach. Colours by Alexander Julian. Nino Cerutti and Perry Ellis. Prices top out at S349. with extra savings on multiple purchases.

Today's Man pulls off this kind of value pricing by eliminating the middleman and using the same factories that top-dollar designers do.

While Feld looks to Discount Store News, Forbes and Stores for businesstrend direction, he is also an avid reader of GQ, Vanity Fair and various European fashion books. The pulse of the fashion world is evident at Today's Man, with an expansive selection of Armani- and Boss-inspired European soft dressing.

With all of its success, Today's Man is not immune in any way to an apparel slump. According to an Alex. Brown & Sons report, same store sales dropped 16 percent in September. It is believed that poor performances in the Chicago area will force a reworking of the plan to open six new units in 1996.

Although analysts recently downgraded Today's Man stock from "buy" to hold," they like the core idea and believe that some tinkering with the execution could turn things around.

"They've been whipped around by the apparel environment," says Liz Ladd, an analyst with Salomon Bros. "It's frustrating because I'm enthusiastic about their concept. They're a growth company, and to grow more they have to establish a focused identity. They have the elements. Men want to get in, get what they want and get out, and with the depth of selection they offer, there's no reason for men to shop elsewhere. I'm hoping they'll work harder to market themselves as the source for menswear rather than just focusing on the great buys' they offer."

Feld acknowledges the need to keep plugging away. "We can't control the economy, but we can control how we do business." Marketing efforts for '96 are aimed primarily at women, whom Feld says possess a keen eye for trends and who in reality make the bulk of men's apparel purchases.

"The name of the game is to keep ourselves fresh, and that means working to get inventory levels down and produce quicker turns," says Feld. "Right now we are a destination store for suits. But we also sell a million ties each year. We can become a destination store in every classification we make a commitment to," he says.

Feld's pursuit for perfection has earned him the 1990 Entrepreneur Award sponsored by Ernst & Young, Philadelphia Business Journal and Inc. Magazine, as well as the post of chairman of the Retail Council of the Greater Philadelphia Chamber of Commerce.

But his concerns o farther than the boardroom. His appreciation for the need to preserve one's heritage and improve the world for future generations is shown in his activity in several Jewish organizations, as well as with the Names Projects' AIDS Memorial Quilt and God's Love We Deliver.