For almost 120 years now the Loeb family has owned and operated businesses in Memphis. Although the name stays the same the businesses have changed dramatically.
In 1887 Henry Loeb Sr. was in business making and selling both hats and shirts. Ladies taking delivery of the shirts often suggested that he launder the shirts as well as selling them. The market for shirt laundering was considerable and Henry Sr. found his business growing. By 1910 he was expanding his business into a 3 story cleaning plant on Madison Avenue. As this was two full blocks east of Main Street, Loeb's horse-drawn delivery service was welcomed by the community.
When Henry Loeb Sr. died in 1936 his son William took over the family the family business, but only lived another five years. Upon William's death the family business came under a trust until William's two sons, Henry and Bill (William Jr.) could complete their education.
The two brothers did not get along particularly well, and in the end Bill bought Henry out and Henry entered politics. Both brothers hit the ground running with Henry Loeb being twice elected Mayor of Memphis and Bill growing the business into a large and diverse portfolio.
As a former mayor of Memphis Henry Loeb III is given his own article on the site. After buying his brothe out Bill Loeb's laundry operations once reached the 500 employee mark. During the 1960's and 70's, Bill aggressively built the laundry business to a peak of 500 employees, 80 delivery trucks, 50 branches and 45 coin-operated launderettes. He also founded a chain of 100 barbeque restaurants spanning 7 states and a chain of 30 convenience stores. while building dozens of strip center buildings to house his retail businesses Loeb still found time to involve himself in real estate, industrial linen, barbecue, fried chicken, convenience stores and outdoor advertising businesses.
In the 1980’s the fourth generation of Loebs took over the family business. Bill’s sons Louis and Bob became general partners in the now consolidated, Loeb Properties. Bill's other children remained limited partners with assets managed by Bob and Lou. The two brothers chose to phase out the retail businesses and focus on real estate investment and management.
In the 1980’s the fourth generation of Loebs took over the family business. Bill’s sons Louis and Bob became general partners in the now consolidated, Loeb Properties. Bill's other children remained limited partners with assets managed by Bob and Lou. The two brothers chose to phase out the retail businesses and focus on real estate investment and management.
The Loeb's barbecue business was hurting badly in the 1980s due to increased competition and an inability to standardize the product throughout locations. Bob and Lou began early on to divest the family business of some of the seemingly unrelated ventures. The large outdoor advertising was sold to Naegele (later sold to Clear Channel), the advertising budget was slashed and the self-service laundromats were down-sized and limited to pre-defined areas of town.
All of the retail business locations including barber shops and a large string of convenience stores were sold or leased to a variety of small businesses. Needing to lease or sell this much property taught the two brothers a lot about real estate. Today the plan is to continue to acquire and centralize real estate holdings.
Note: Both brothers, Bill Jr. and Henry III died in 1992.
Source: Internet
