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Ann & Hope, is a privately held company, was founded by Martin (Marty) Chase, one of six sons, who was born in 1906 in Kiev, Ukraine and moved to Providence, RI with his family at the age of six. By reducing overhead he started Chase Clothing.
As World War II approached, the clothing market fell into decline, and Chase began to look for another line of work. In 1946, he purchased the Ann & Hope Mill complex in the village of Lonsdale at 1 Ann & Hope Way in Cumberland, Rhode Island 02864. He split the large, empty mill into several small pieces and rented them individually.

Some time before December 1953, one of the tenants left the Mill, leaving a large amount of ribbon behind. Rather than dispose of it, the Chases opened the area to the other employees of the Mill and sold the ribbon. Chase then had the idea to reopen a clothing store in the Mill, initially on the third floor. By the following spring, the operation had become large enough that it was relocated to the ground floor. and basement level. To get store patron's items from one floor to the other a special carriage lift was created and operated by staff, (This is still in the lower level and has not been removed)

Over time more products were added, and by 1969, Ann & Hope was a $40 million per year department store operation. Ann & Hope was one the first self-service department stores in which customers could look at items without sales personnel and also one of the first to use shopping carts in a department store.

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