P.M. Place Stores

P.M. Place Stores, also known as Place's Discount Stores, was a regional American discount-store chain based in Bethany, Missouri. The business was founded in 1910 by Pryor M. Place in Lathrop, Missouri, after he assembled the capital for his first inventory by selling his horse, saddle, and bridle and using his savings. From this small-town beginning, the company developed into a chain focused on communities that were generally too small to support the largest national discount retailers. The chain's operating model emphasized broad merchandise selection in relatively compact stores. Its locations carried departments comparable to those found in larger discount stores, but at a smaller scale. Typical stores measured approximately 16,000 to 27,000 square feet and served as general-merchandise destinations for rural and small-town customers. The business operated primarily across Illinois, Iowa, Kansas, and Missouri, concentrating on towns with populations of roughly 1,500 to 4,000 people. P.M. Place Stores used the consumer-facing name Place's Discount Stores and promoted the slogan "The Best of All... Places." In its stores, a repeating audio program combined music with announcements about current sale merchandise, reinforcing the chain's local promotional style and discount positioning. The brand competed through convenience, variety, and community presence rather than through the very large formats or national reach of major discount chains. The company expanded in 1985 by acquiring the Matco/Mattingly chain, based in Lexington, Missouri. This transaction increased Place's store base and broadened its regional footprint. Management later set an objective of reaching 75 stores by the end of 2002. The planned expansion was not completed independently, however. In 2000, ShopKo purchased P.M. Place Stores for $22 million when the chain had 49 stores. ShopKo subsequently converted the locations to its Pamida format. The transition ended the P.M. Place Stores identity as an operating retail chain. During the integration period, Charles M. Place served as president and chief executive officer; Charles Patterson "Pat" Place had previously led the company. As ShopKo streamlined Pamida's distribution system, the Bethany cross-dock facility, formerly used as Place's warehouse, closed in early 2002. P.M. Place Stores is therefore best understood as a defunct regional discount retailer whose history illustrates the consolidation of Midwestern small-town retail into larger multi-brand groups.

P.M. Place Stores began in 1910 when Pryor M. Place opened a retail business in Lathrop, Missouri. According to the company's documented origin story, Place raised the money for his initial stock by selling his horse, saddle, and bridle and combining the proceeds with his savings. The business developed from this local enterprise into a regional discount-store chain serving small communities in the American Midwest. The chain was also known as Place's Discount Stores. Its central proposition was to provide the range of departments associated with a larger discount retailer in a smaller and more locally focused format. Stores generally occupied between approximately 16,000 and 27,000 square feet. Rather than concentrating on major metropolitan areas, the company primarily selected towns with populations of about 1,500 to 4,000 residents. Its operating territory included Illinois, Iowa, Kansas, and Missouri. Place's retail identity relied on broad everyday merchandise, competitive prices, and local accessibility. The slogan "The Best of All... Places" was used prominently in its stores. A repeating in-store recording played music, promotional announcements, and notices about sale items, giving the chain a recognizable retail-audio presentation. A significant stage in the company's expansion came in 1985, when it acquired the Matco/Mattingly stores. That chain was based in Lexington, Missouri, and the transaction expanded P.M. Place's presence within its regional market. The company later pursued a goal of reaching 75 stores by the end of 2002. Its independent growth strategy was overtaken by industry consolidation, however, when ShopKo acquired the chain in 2000 for $22 million. At the time of the transaction, P.M. Place Stores had 49 locations. ShopKo integrated the acquired stores into its Pamida operation rather than preserving the P.M. Place name. Charles M. Place was president and chief executive officer at the time of assimilation, following the earlier leadership of Charles Patterson "Pat" Place. The integration also affected the company's physical infrastructure. In early 2002, ShopKo closed the Bethany cross-dock facility that had formerly served as the Place's warehouse while reorganizing Pamida's distribution operations. The conversion of the stores to Pamida brought the P.M. Place Stores brand's retail life to an end. Its legacy rests in its long operation as an employee-owned, family-associated regional retailer and in its adaptation of the discount-store model to smaller Midwestern communities. The chain's history also reflects the competitive pressure and consolidation that reshaped American general merchandise retail at the end of the twentieth century.

• 2002

  Bethany cross-dock facility closed

  [1]P.M. Place Storesen.wikipedia.org

  The former Place's warehouse in Bethany closed during ShopKo's effort to streamline Pamida distribution operations.

• 2000

  Acquisition by ShopKo

  [1]P.M. Place Storesen.wikipedia.org

  ShopKo acquired P.M. Place Stores for $22 million when the company operated 49 stores.

• 2000

  Stores converted to Pamida

  [1]P.M. Place Storesen.wikipedia.org

  Following ShopKo's acquisition, the P.M. Place locations were converted to the Pamida store format.

• 1985

  Matco/Mattingly acquisition

  [1]P.M. Place Storesen.wikipedia.org

  P.M. Place Stores expanded by acquiring the Matco/Mattingly chain of discount stores in Lexington, Missouri.

• 1910

  P.M. Place Stores founded

  [1]P.M. Place Storesen.wikipedia.org

  Pryor M. Place founded the business in Lathrop, Missouri, establishing the retail enterprise that later became the P.M. Place Stores chain.

A regional, employee-owned discount retailer offering broad general merchandise in compact stores designed for small Midwestern communities.

• Discount department stores · 1910

  Place's Discount Stores

  The company's principal retail format consisted of compact discount department stores serving small Midwestern towns. Stores carried departments similar to those of larger discount retailers, but on a smaller footprint of roughly 16,000 to 27,000 square feet. The assortment centered on broad general merchandise, household needs, apparel, seasonal goods, and other everyday products.

• The Best of All... Places

  United States

  The chain's principal documented brand slogan was used in stores and associated with a repeating audio program that combined music with announcements about current sale items.

  Outcome. The slogan became a recognizable part of the in-store identity of Place's Discount Stores; no independent campaign performance figures are documented.

  Source

• 2002

  Close Bethany cross-dock facilityStrategy

  Background

  After integrating the acquired stores into Pamida, ShopKo sought to streamline distribution operations.

  Action taken

  ShopKo closed the Bethany cross-dock facility that had formerly functioned as P.M. Place's warehouse.

  Aftermath

  The closure further marked the end of the former P.M. Place distribution infrastructure.

  Source

• 2000

  Sell the chain to ShopKoM&A

  Background

  P.M. Place Stores was pursuing growth but operated 49 stores when ShopKo acquired the business.

  Action taken

  ShopKo purchased P.M. Place Stores for $22 million and converted the locations to Pamida stores.

  Aftermath

  The P.M. Place retail identity was discontinued, and the stores operated under the Pamida format.

  Acquisition price. $22 million (2000)

  Source

• 1985

  Acquire Matco/Mattingly storesM&A

  Background

  P.M. Place Stores sought to expand its regional discount-store network and acquired the Matco/Mattingly chain based in Lexington, Missouri.

  Action taken

  The company purchased and incorporated Matco/Mattingly stores into its operating network.

  Aftermath

  The acquisition contributed to the chain's regional expansion, although the later planned growth to 75 stores was superseded by ShopKo's acquisition.

  Source

1. 1P.M. Place Storesen.wikipedia.org