In the mid to late 1950s the economy was shifting and the watch and jewelry business became rather stagnant. In that era, the retail world in Toronto was dominated by large department stores such as Eaton's and Simpson's, located just a block away at Queen and Yonge Street. In short, something had to change to keep Henry & Company going.
In 1958, at the age of 40, Gerald suffered a heart attack and took a leave of absence from the business. After his recuperation, he tried working at a few different retail outfits but finally decided that the time had come for him to buy out his father and take over the family business.
Together with his wife Adele, Gerald bought out Harry on May 20, 1959. Gerald and Adele Stein were now the proud owners of Henry & Company, a business that was just entering its second half century.
But, the question remained:
What was going to make this
old business grow?