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Some of Washington’s iconic homegrown brands are no longer around, but valuable lessons can still be learned by looking at what led to their demise. Take the case of Woodward & Lorthrop, the department store chain that was a staple of DC for 115 years. Woodies, as it was often nicknamed, was founded in 1887 and its flagship downtown location was a downtown fixture, the Washington Business Journal reports. As with many retailers, the rise of national department store chains created a tough environment. The chain went through bankruptcy protection in 1994 but it ultimately could not return to profitability and was forced to liquidate and close in 1995. Things turned out a little different for Peoples Drug, the drugstore chain that operated in the area for 89 years. National chains and grocery stores rose to prominence, leading to challenging time for Peoples. The chain was eventually sold to, and absorbed by, CVS, with the last locations converting in 1994. [WBJ]
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