The retail side of the business also grew: the first store opened in 1894, and by 1900 there were 55 stores nationwide.

The retail side, he said, "does not want information about municipal bonds."

But many analysts believe the retail side of Merrill was very profitable last year.

The auction results showed a surprisingly strong demand from the retail side.

And what they are doing in Chicago on the retail side is not all that impressive.

"Clearly, the retail side of the business is more lucrative, the fees are higher and the customers stay with you longer."

It is also central to completing the retail side of the internal market.

But he added, "On the retail side, there may be more opportunity to grow at a little faster rate."

Many publishers, he maintained, pay too little attention to the retail side of the business.

Was it hard for a newcomer from the retail side to take charge?