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Two Guys

Two Guys was an American discount department store chain founded in 1946 by brothers Herbert and Sidney Hubschman in Harrison, New Jersey, initially operating as a small appliance outlet selling slightly damaged televisions and other electronics above an empty diner.^[1] The chain, originally named Two Guys from Harrison—a moniker derived from a derisive nickname "Two Bastards from Harrison" that the brothers embraced and shortened—pioneered affordable, one-stop shopping by expanding in the 1950s to offer a broad assortment of merchandise, including clothing, toys, groceries, furniture, hardware, and sporting goods.^[1]^[2] At its peak in the 1960s and 1970s, Two Guys operated around 60 stores across the Northeastern United States, with a strong presence in New Jersey, New York (including locations in Rochester, Greece, and Henrietta), Pennsylvania, and New England, becoming a cultural staple known for its low prices, expansive layouts featuring garden centers and arcades, and a memorable advertising jingle: "We save money for you at Two Guys…Naturally!"^[3]^[2]^[1] The company went public in 1957 and, following a merger with the Vornado appliance company, renamed the corporation Vornado, Inc. in 1959, which fueled further expansion but also shifted focus away from core retail operations.^[3]^[4] Notably, Bernie Marcus, co-founder of The Home Depot, began his retail career at a Two Guys store in the early 1960s, crediting the experience with shaping his approach to discount merchandising.^[1] The chain's fortunes reversed in the late 1970s amid intensifying competition from specialized retailers, poor strategic decisions by Vornado (including diversification into unrelated ventures), and a broader industry shift toward big-box formats.^[3]^[2] Sales declined sharply by the early 1980s, leading to the closure of remaining stores in 1982 after Vornado, acquired by real estate investors, prioritized land assets over operations; the Hubschman brothers had exited management by the end of 1964 following Herbert's death that year.^[1]^[3]^[5] Many former Two Guys locations were repurposed for other retailers, such as Service Merchandise and Kmart, preserving their architectural legacy in suburban shopping landscapes.^[3]

Founding and Early Development

Origins and Founding

Two Guys was founded in 1946 by brothers Herbert and Sidney Hubschman in Harrison, New Jersey, as a small discount appliance store specializing in surplus goods.^[1]^[6] The brothers, who were post-World War II Navy veterans, initially operated out of a modest space above an empty diner they owned near the RCA factory, capitalizing on a surplus of slightly damaged or floor-model RCA televisions and other major appliances.^[7]^[6] They purchased these items at low cost from RCA with an agreement to sell them quickly or return unsold stock, marking them up minimally—often just $5 per unit—to move high volumes.^[6] The Hubschman brothers emphasized a no-frills, self-service model to attract budget-conscious customers in the post-war era, operating with extremely low overhead by using a vacant lot as an impromptu salesroom and distributing simple flyers from their car windshields.^[6]^[7] This approach proved immediately successful; on their first sales day, they sold an entire month's supply of televisions in just a few hours, demonstrating the viability of their discounting strategy despite starting with minimal capital.^[6] The company's name originated from a competitor's derisive remark calling the brothers "those two bastards from Harrison," which they cleverly rebranded as "Two Guys from Harrison" to highlight their local roots and bargain pricing.^[1]^[6] By the 1950s, as the business expanded, the name was simplified to "Two Guys" for broader branding appeal.^[1] This early profitability laid the groundwork for rapid growth into larger department stores in the late 1940s and 1950s.^[6]

Initial Expansion

In the late 1940s, Two Guys began transitioning from its origins as a single appliance outlet in Harrison, New Jersey, to a broader discount retail operation, capitalizing on the post-war economic boom to meet growing consumer demand for affordable goods. By the late 1940s, the company had expanded to include other major appliances like refrigerators and washing machines.^[7] In the 1950s, it evolved into full-line department stores, incorporating new departments such as clothing, hardware, toys, and groceries to offer a one-stop shopping experience.^[2]^[8] The chain rapidly expanded during the 1950s, building larger warehouse-style stores primarily in New Jersey, with layouts growing to around 100,000 square feet or more by the early 1960s to support high-volume sales.^[9] Two Guys' business strategies centered on volume discounting to keep prices low.^[8] The company positioned itself against local retailers and emerging discount competitors like E.J. Korvette in the competitive New Jersey market.^[8]

Corporate Evolution

Acquisition and Public Listing

In 1959, Two Guys From Harrison, Inc. acquired O.A. Sutton Corporation, a manufacturer of electric fans, air conditioners, and dehumidifiers, through a stock exchange that gave the retailer approximately 79 percent ownership of the combined entity.^[4] The deal addressed Sutton's recent financial losses—$1.7 million in fiscal 1957 and over $5 million in 1958—while providing Two Guys with manufacturing assets to support its discount retail model.^[10] Following the merger, the parent company was renamed Vornado, Inc., drawing from Sutton's well-known Vornado brand of appliances.^[4] This acquisition marked a strategic diversification beyond pure retailing, as Sutton's production facilities enabled in-house manufacturing of appliances, including an expanded line of over 50 Vornado products like fans and heaters that were integrated into the chain's stores.^[10] The move complemented Two Guys' operations by securing supply chains and offering tax benefits, positioning Vornado as a vertically integrated player in the growing discount sector.^[10] By the end of the decade, the company continued to expand regionally from its early New Jersey base into New York and neighboring states, leveraging the merger for growth.^[11] Vornado had initially gone public in 1957 via an offering of 200,000 shares of Class A common stock priced at $9 per share on the American Stock Exchange, reflecting early investor enthusiasm for the discount retail format.^[12] In 1962, the company transitioned to listing on the New York Stock Exchange under the ticker symbol VNO, which facilitated greater capital access for nationwide growth amid rising interest in discount chains.^[13] That year, Vornado executives Sidney and Herbert Hubschman were commended by NYSE officials for the chain's rapid success, underscoring the sector's appeal to investors.^[13] The Hubschman brothers maintained leadership control during this period, professionalizing operations by recruiting executives experienced in large-scale retailing to guide the corporate transition.^[11]

Mergers and Strategic Shifts

In 1967, Vornado, Inc., the parent company of the Two Guys discount chain, merged with Food Giant Markets, Inc., a West Coast-based retailer, in a stock-for-stock transaction valued at approximately $52.51 million.^[14]^[15] The deal, approved by directors of both companies, exchanged each share of Food Giant common stock for 0.6 shares of Vornado common and each share of Food Giant 4 percent preferred stock for $60, nearly doubling Vornado's annual sales from $247 million by adding approximately $350 million in sales from Food Giant, for combined annual sales of around $600 million.^[14] Food Giant brought 70 supermarkets, 14 Unimart discount stores, 14 Builders Emporium hardware outlets, and six liquor stores primarily in California, aiming to integrate supermarket operations and expand Two Guys' footprint westward.^[15] However, the merger led to significant operational mismatches, as Vornado's Eastern management styles clashed with Food Giant's regional practices, resulting in the replacement of established California brands with unfamiliar Vornado private labels that alienated customers and caused sales declines.^[15] To address these challenges and sustain growth amid intensifying retail competition, Vornado pursued strategic shifts in the late 1960s and 1970s, including a transition to larger "big box" store formats that emphasized expansive layouts for broader merchandise assortments.^[15] The company also experimented with mail-order catalogs, such as the Sutton Place brand, to diversify revenue streams beyond physical retail, though this venture was later discontinued due to underperformance.^[15] Complementing these efforts, Vornado increased real estate investments, owning seven company properties by 1965 and leveraging them to buffer against retail volatility by generating stable rental income.^[15] Internal challenges compounded these initiatives, particularly overexpansion that fueled inventory accumulation and liquidation needs, as seen in the disposal of unsalable Unimart stock post-merger.^[15] By the early 1970s, Vornado's debt had climbed to $97.2 million, contributing to financial strain despite peak sales of $827.1 million in 1972.^[15] In response, the company diversified into non-retail ventures, continuing its Vornado appliance manufacturing line—acquired in 1959—by outsourcing production to maintain brand presence amid retail pressures, and expanding into related areas like bakeries and dairies by 1972.^[15] Sidney Hubschman, co-founder of Two Guys with his brother Herbert in 1946 and president of Vornado until his resignation in 1963, played a pivotal role in early expansion and merger groundwork, growing the chain to 35 stores before retiring to Naples, Florida.^[16]^[17] His leadership laid the foundation for the strategic adaptations that followed under subsequent executives like Frederick Zissu, who became chairman after Herbert Hubschman's death in 1964.^[15]

Operations and Retail Model

Store Format and Merchandise

Two Guys stores adopted a warehouse-style retail format designed for efficiency and cost savings, featuring high ceilings, wide aisles, and sparse decor to facilitate easy navigation and bulk merchandise presentation. These large-format locations typically spanned 135,000 to 190,000 square feet, with open layouts that included distinct departments for various categories and centralized checkout areas to streamline operations.^[9]^[18] The merchandise assortment was broad and diverse, emphasizing discount pricing on everyday essentials and big-ticket items, with appliances serving as a core strength from the chain's origins. Offerings encompassed major appliances like televisions and refrigerators (often under the exclusive Vornado brand following the 1959 acquisition of its manufacturer), clothing, home goods such as furniture and hardware, toys, sporting equipment, and seasonal merchandise including lawn furniture.^[1]^[3]^[5] Some stores integrated grocery departments for one-stop shopping, though this was phased out in newer locations by the mid-1960s.^[9] The chain relied heavily on closeout deals, imported goods, and private-label products like Vornado to achieve razor-thin margins and substantial savings compared to traditional retailers.^[9]^[5] Pricing followed an everyday low model without reliance on promotional sales events, enabling consistent affordability through self-service operations that minimized staffing and overhead. This approach reduced labor costs by limiting customer service personnel, encouraging shoppers to browse independently amid bulk displays and open shelving.^[19]^[1] Larger Two Guys locations often incorporated unique amenities to enhance the shopping experience, such as in-store snack bars or "Snacketerias" for quick meals, alongside auto service centers in select formats. The exclusive integration of Vornado-branded appliances further distinguished the chain, providing proprietary options in fans, heaters, and other home essentials not widely available elsewhere.^[18]^[9]

Geographic Reach and Store Count

Two Guys achieved its primary geographic footprint in the Northeastern United States, with the majority of stores concentrated in New Jersey, New York, and Pennsylvania to capitalize on dense population centers and suburban growth. The chain targeted working-class suburbs, positioning outlets near major highways for accessibility and competing directly with established regional retailers like Gimbels in urban-adjacent markets. This regional focus allowed for efficient supply chain management and customer loyalty in core areas, while the discount pricing model facilitated affordable land acquisitions for site development.^[20]^[1] Expansion began modestly in New Jersey before extending into New York around the mid-1950s and Pennsylvania by 1960, as demonstrated by the opening of a store in Lehigh County that sparked legal battles over Sunday sales restrictions. By 1959, the company operated 14 stores across these states, growing rapidly to support broader Northeast penetration. Outposts appeared in Connecticut and Massachusetts during the 1960s, with limited ventures into Maryland and Virginia to test further regional demand. Store formats adapted to local conditions, featuring expansive suburban locations exceeding 100,000 square feet alongside more compact urban setups in high-density zones.^[4]^[21]^[20] The chain entered the West Coast market in 1969, acquiring sites in Southern California to diversify beyond the Northeast, though this expansion remained modest with only four stores by the mid-1970s. At its peak in the late 1960s and early 1970s, Two Guys operated approximately 60 stores, reaching this figure in the early 1970s following growth from 48 units in 1971. Key milestones included reaching around 40 stores by the early 1960s through organic openings and acquisitions, and expanding to 49 by 1980 amid ongoing Northeast consolidation.^[10]^[22]^[1]^[23]^[24] Economic challenges in the 1970s prompted contractions, including the closure of underperforming locations and occasional reopenings under new management, particularly after the failed West Coast push. By 1981, Vornado closed 12 stores, reducing the total to 46, followed by additional shutdowns that left only 12 operating units. The chain fully liquidated in 1982, ending its retail presence after decades of Northeast dominance.^[25]^[24]^[26]

Decline and Liquidation

Financial Challenges

In the late 1970s, Two Guys, operating under Vornado Inc., faced intensifying competition from national discount chains such as Kmart, Bradlees, and Caldor, which eroded its market share in key regions like New Jersey.^[27] The entry of these rivals, coupled with competition from department stores like Bamberger's (a division of R.H. Macy & Co.), diminished Two Guys' competitive edge and consumer appeal, as the company struggled to match their pricing and merchandising strategies.^[27] Additionally, Two Guys lagged in adopting advanced inventory management systems, leading to inefficiencies in stock control that exacerbated sales declines amid shifting retail dynamics.^[15] The broader economic turmoil of the 1970s, characterized by high inflation rates peaking above 13% in 1979 and recessions in 1973–1975 and 1980, significantly elevated operational costs for retailers like Vornado, including higher expenses for merchandise, labor, and borrowing.^[28] These pressures compounded Vornado's vulnerabilities, resulting in a reported operating loss exceeding $20 million in the first half of 1981, driven by overstocked and unsalable merchandise as well as mounting debt that reached $103 million by 1978.^[15] Sales for the Two Guys division dropped sharply, from $706 million in fiscal 1979 to $591 million in 1980, with net losses widening to $3.6 million that year.^[24] Specific quarterly figures underscored the severity: a $7.66 million loss in the first quarter of 1981 (on $122 million in sales) and a $10.3 million loss in the second quarter (on $131.3 million in sales, down 12.8% year-over-year).^[27]^[29] Internal mismanagement further aggravated the downturn, including failed diversification efforts such as the 1967 acquisition of Food Giant Markets, which initially expanded sales but later produced heavy losses due to poor oversight and excess inventory.^[15] Overexpansion through mergers, including a problematic West Coast venture, strained resources and amplified prior merger-related vulnerabilities from the mid-1970s.^[24] Leadership transitions following the Hubschman brothers' era—marked by Herbert Hubschman's death in 1964 and Sidney's earlier departure—saw associates like Frederick Zissu assume control, but ongoing instability culminated in Steven Roth's takeover via Interstate Properties in 1980, signaling a desperate pivot away from core retailing.^[15] Efforts to mitigate losses included early divestitures, such as the 1978 sale of 22 Two Guys stores in California for $38.3 million and the Builders Emporium home improvement chain for $56.3 million, though these provided only temporary relief amid persistent retail weaknesses.^[15]

Bankruptcy Proceedings

In early 1982, Vornado Inc. completed the liquidation of its Two Guys discount store chain, closing the final 12 locations in New Jersey, Pennsylvania, and Maryland on February 9, following the shutdown of 32 stores the previous year amid mounting losses exceeding $20 million in the first half of 1981 alone.^[26]^[15] The process involved rapid disposal of approximately $196 million in inventory through clearance sales at the remaining outlets, allowing Vornado to shift focus entirely from retailing to real estate development and property management.^[15] Store properties were promptly repurposed through leases and sales to competitors, with 11 shopping centers transferred to Stop & Shop in March 1982 for conversion into Bradlees discount stores; additional sites were acquired by Supermarkets General for Pathmark supermarkets and other retailers like Bradlees.^[15] Real estate holdings, including former Two Guys sites, were ultimately managed under Vornado's evolving portfolio, which separated the retail operations from the company's manufacturing remnants and laid the groundwork for its transformation into Vornado Realty Trust.^[15] The closures resulted in layoffs of employees, contributing to the economic strain of the early 1980s recession in the Northeast retail sector. Customers flocked to the final sales for deep discounts on merchandise, though the events unfolded against a backdrop of broader consumer caution due to the downturn. Creditors received partial recovery through the asset dispositions and inventory liquidation, enabling Vornado to settle outstanding obligations without formal judicial intervention in the retail division's wind-down.^[15]

Legacy and Impact

Influence on Discount Retailing

Two Guys played a pivotal role in the evolution of discount retailing during the mid-20th century, particularly through its adoption of a low-margin, high-volume business model that emphasized rapid inventory turnover over traditional high markups. Operating under Vornado Inc., the chain exemplified the 1960s discount revolution by constructing large, self-service stores with minimal decor to cut costs, achieving construction expenses of $5–$10 per square foot compared to $14–$18 for conventional department stores.^[30] This approach allowed Two Guys to maintain gross margins of 18–25%, significantly lower than the 36.4% average for department stores, while contributing to the sector's explosive growth from $4–$4.5 billion in 1961 sales to projected $6–$7 billion by late 1962.^[30] As one of the oldest discount chains in the United States, founded in 1946, Two Guys pioneered big-box formats in the Northeast, starting with appliance sales in New Jersey and expanding to full-line discount stores that influenced the suburban retail landscape.^[1] The chain's emphasis on appliances and home goods established early precedents for category killers, dominating specific merchandise lines like major appliances and lawn furniture through deep discounting and broad selection under one roof.^[1] Two Guys sparked a retailing revolution by integrating self-service operations across diverse departments, from hardware to groceries, which pressured traditional retailers to adapt pricing and distribution strategies. This model not only facilitated suburban mall development, where Two Guys often served as anchor tenants drawing foot traffic to emerging centers, but also popularized the all-in-one superstore concept that later chains like Walmart and Target emulated.^[2] Culturally, Two Guys symbolized post-war affordability and the rise of mass consumerism in the 1950s and 1970s, offering high-quality goods at low prices to a burgeoning suburban middle class in regions like New Jersey and New York.^[2] The stores functioned as community hubs, complete with arcades, snack bars, and family-oriented features that fostered social shopping experiences and evoked lasting nostalgia, as recalled in local oral histories and media from areas such as Bergen County and Rochester.^[2]^[1] By making everyday items accessible through volume-driven discounts, Two Guys helped normalize self-service department stores as fixtures of American consumer habits, leaving an indelible mark on the Northeast's retail identity.^[31]

Successor Companies and Properties

Following the liquidation of Two Guys in 1981, Vornado Inc. shifted its focus entirely to real estate, retaining ownership of the valuable properties that had housed the discount chain's stores. Under the leadership of Steven Roth, who gained control in 1980, the company sold off its retail inventory for $196 million and ceased all merchandising operations by 1982, marking the end of Two Guys as a retailer.^[15] The remaining 12 Two Guys stores were closed, and their sites were repurposed for leasing to other tenants, with 11 locations subleased to Stop & Shop for operation as Bradlees discount outlets starting in 1982.^[15] Individual former Two Guys buildings, such as the one on Passaic Avenue in Kearny, New Jersey, underwent multiple transformations over time, eventually becoming Pathmark supermarkets in some cases. In 1984, Vornado completed the divestiture of all retail assets and reoriented as a real estate developer and manager, capitalizing on the prime suburban locations of the ex-Two Guys sites. By 1993, the company converted to a real estate investment trust (REIT) under the name Vornado Realty Trust (NYSE: VNO), concentrating on owning and leasing shopping centers and office properties without engaging in retail sales.^[15] As of 2025, Vornado Realty Trust remains a major REIT, managing a portfolio of approximately 20 million square feet of office and retail space primarily in key U.S. markets like New York City and northern New Jersey, with no involvement in retail operations.^[32] Many original Two Guys-anchored shopping centers, including those in Bergen County, New Jersey, have been redeveloped into modern mixed-use retail plazas, such as the Bergen Town Center in Paramus, which continues to operate as a commercial hub.^[2] The Two Guys brand itself was discontinued after the 1981 liquidation, with no direct revival in retail. However, the Vornado name—originally associated with fans sold through Two Guys since 1959—persists independently through Vornado Air LLC, a separate entity founded in 1989 that produces air circulators and home appliances under the brand, unaffiliated with the REIT.^[33] Shareholder continuity from the retail era transitioned smoothly to the realty focus, as evidenced in Vornado's annual reports, which referenced the company's historical roots in the Two Guys discount chain through the 1990s and into the 2010s; for instance, the 2010 report noted the 1980 takeover of Vornado (then doing business as Two Guys), while the 2014 filing highlighted that 44 of its shopping centers were once anchored by the chain.^[34]^[35] By the late 1990s, such historical allusions were phased out in favor of emphasizing current real estate holdings.^[15]

References

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May 23, 2022 · Two Guys was founded by Herbert and Sidney Hubschman of Harrison, N.J. The brothers got their start in business selling mildly scratched TVs ...
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### Summary of Two Guys Origins and Founding
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The Two Guys From Harri- son discount chain lost one of its "guys" yesterday. Sidney Hubschman resigned as president and as a director of Vornado, Inc., ...Missing: retirement | Show results with:retirement
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Vornado Inc 'Two Guys' chain of discount stores will accept any trading stamps in exch for their own and give own mdse in exch for stamps.<|control11|><|separator|>
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Two Guys v. McGinley. ... Appellant is a corporation which operates a large discount department store located on a highway in Lehigh County, Pennsylvania.
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