DIC credit card

This Drapery Importing Company (DIC) credit card is a good example of 'virtual' money, and how a department store engendered loyalty in its customers. The DIC was established in Dunedin in 1884 by Bendix Hallenstein and his brothers, and became a famous department store with branches throughout New Zealand.

Department stores
Department stores were at their prime in the first half of the 20th century, and often occupied large landmark buildings in prime locations. They offered many services to their customers, particularly women (such as bathrooms and beauty salons). Some people only shopped at particular stores where they held accounts.

Decline
Department stores began to decline in the 1960s, and many had closed their doors by the early 1990s. Their decline was partly due to the rise of different ways of shopping. The economic recession after the 1987 stockmarket crash also impacted heavily on department stores.