Philip Smith (theater owner)
Philip Smith | |
|---|---|
| Born | |
| Died | 1961 |
| Nationality | United States |
| Occupation | Businessman |
| Known for | Founder of Midwest Drive-In Theaters |
| Spouse | Marian Cohn |
| Children | Richard Allan Smith Nancy Smith Lurie |
| Relatives | Jeffrey Lurie (grandson) |
Philip Smith (died 1961) was an American businessman and founder of Midwest Drive-In Theaters (which later became General Drive-In Corporation and then General Cinema) who was one of the largest operators of drive-in movie theaters in the United States.
Biography
Smith worked as a Pathé Frères salesman.[1] In 1922, he purchased the National Theatre restoring it to profitability by reducing ticket prices from 25 cents to 10 cents.[2] Smith named his new company Philip Smith Theatrical Enterprises[2] in Boston and expanded by purchasing smaller theaters throughout New England.[1] His portfolio reached about 25 theaters until the Great Depression hit when he was forced to slowly sell nearly all his theaters to support his family (he only kept three).[1] In 1935, in order to benefit from the increase in automobile ownership, he took a risk and opened drive-in theaters in Cleveland and Detroit;[2] and by the time World War II started, he operated nine of the 15 drive-in theaters in the United States.[1][3] At his drive-ins, children entered free and there were playgrounds to help make it a family friendly event.[3] His investment paid off grandly during the post-war boom.[1] In 1946, his son Richard Alan Smith joined the company.[1] In 1947, he was one of the first to open a theater in a shopping mall in Framingham, Massachusetts.[1] By the 1950s, the Midwest Drive-In Theatres operated 53 drive-ins;[2] and he branched out into other lines of business including the Richard's Drive-Ins restaurant chain, Amy Joe's Pancake Houses, and several bowling alleys in order to diversify his revenues which were under pressure as more people stayed home to watch television.[2] In 1960, the company changed its name to General Drive-In Corp and went public on the New York Stock Exchange[1] although Smith retained a controlling interest.[4] Smith died in 1961 and his son succeeded him as CEO; his son changed the name to General Cinema in 1964.[4][1]
References
- ^ a b c d e f g h i Los Angeles Times: "General Cinema More Wall St. Than Hollywood : Investments Pay Off Handsomely for Bottler and Theater-Chain Operator" by Kathryn Harris August 11, 1985
- ^ a b c d e Harvard Business School Lehman Collection "GC Computer Corporation" retrieved September 25, 2017
- ^ a b Daytona Beach Sunday News-Journal: "Top Firm Managing Cinema" January 11, 1961
- ^ a b Funding Universe: "GC Companies, Inc. History" retrieved September 26, 2017