It takes a strong stomach to apply the strategy implicit in the thought that “the intelligent loss of business” can be an intelligent course of action. But occasionally, losing business does have an upside. The aphorist credited for the “intelligent loss” concept is Sol Price, originator of the membership club. His idea was that instead of operating a store open to all, it would be better to restrict the shopping pool to those that meet certain qualifications and who would pay a fee to ...

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