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Show : Alvin Richers got big plans THE NATIONAL iimlEnterprise for Auerbachs Page seventeen April 27, 1977 Auerbachs store goes back many years, when he worked for Beatrice Fox Auerbach, sister-in-laof Fred Auerbach, Sr., a founder of the store. Mrs. Auerbach owned G. Fox & Co., a holding company for a department store of which Richer was president in Hartford, Conn., until May Co. bought it in 1965. w Influenced by Mrs. Auerbach "Mrs. Auerbach was a very strong influence on my thinking," Richer said. "I could talk for hours about her influence, but, to sum it up, she preached integrity, service and quality. That is what 1 firmly believe in. In Hartford, we ran a very large, quality-oriente- d store. "Having the opportunity of buying Auerbach's is a lifelong dream of mine," Richer continued. "I come from a family of entrepreneurs. I was the only person in my family who wound up working for a large company. group will vie with Palace for west-sid- e property Multi-Ethn-ic After having been only in the talking stages for years, the ethnic center and elderly housing complex, planned for development across 2nd West from the Salt Palace, has taken several steps toward reality recently. The group proposing the plex has formed a com- non-prof- it corporation called Multi-Ethni- c Development Corpora- tion and another one called "This morning I woke up and told my wife, I get You know, I still cant believe this. chills just telling you about it right now. This is everything I ever wanted in life. j f Salt Lake City's oldest department store, Auerbachs, has been sold to a man whose ambition is to build it into a great store." ! I : ' After two months of negotiations, the sale was closed March 18 at 10:00 p.m., according to the new owner, Alvin Richer. Without disclosing either the price or the financing vehicle. Richer said he formed a new Utah corporation. Richer Department Store, as the "corporate vehicle to purchase Auerbachs." "This is not a replacement of the Auerbachs by some foreign company. This is the replacement by another local, family situation," Richer said. Moving to Salt Lake from Mt. Brook, Ala., the Richer Lake takes over the Salt City based chain after of as the Florida division of president serving May Co. for eight years. 113-year-o- t ld During a news conference held last week, Richer talked about his dreams for the store: Enterprise: What are your dreams for Auerbachs? I I had a luncheon with dont want to settle for mediocrity. I want us to do the best we can. Enterprise: What is a great store? 47-year-- Richer said his acquaintance with Utahs Housing Corpor- c ation, and has hired a fulltime director, named David Bigda. Bigda said he is now in the process of applying for a loan from the federal Housing and Urban Development Depart0 ment to build a unit apartment complex for the elderly. The 100 percent loan would be loaned at about a 100-15- the key Auerbach executives this morning, and I told them, because this is everything I ever wanted in life, and I wanted to leave my business mark, so to speak, I want to build a great store. Richer: Multi-Ethni- Richer: A great store is one that fills a valuable particular niche, a need, in the community. Its a store that people relate to as their store. What is a great store? When G. Fox & Co. was Continued on page 18 percent interest rate, and would be repaid with 7.125 federally-subsidize- d rent from occupants. "Its a proposition," he said. break-eve- n applied for the same loan last year, he said, but the loan was denied because the group had too many organizational problems. "We have solved those problems, now," he said. The group In addition to applying for the loan, Bigda is organizing a "farmer's market" on the property this summer. The market would give local farmers and residents with gardens an opportunity to sell produce both to the general public and to retailers. The property being eyed for development by the group is now owned by various parties, including Salt Lake County, the Salt Palace. I.J. Wagner and American Falls Canal Co. He said a contest now seems to be developing between the group and the Salt Palace over 1.1 acres targeted for the senior citizen housing complex. He expressed concern the Salt Palace may want to retain ownership of the property for expansion, rather than sell it to the Multi-Ethni- c group. Bigda was hired as director of the housing corporation and housing specialist for the development corporation in September, 1976. 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