During his forty-four year career at L. S. Ayres, Frederic oversaw the company's steady growth, the construction and additional expansion of its flagship store in downtown Indianapolis, and the introduction of new shopping concepts, including the store's transition to women's ready-to-wear fashions.

Born on February 17, 1872, in Geneva, New York, Frederic "Fred" was the son of Lyman S. (1824–1896) and Maria Helen (Murray) Ayres (1837–1911).

Alma was also active in the city's Children’s Aid Society and the Indianapolis chapters of the American Red Cross.

Like his older brother, Fritz worked in several capacities at the store before becoming a vice president and board member in 1940.

The eight-story flagship store, designed by the Indianapolis architectural firm of Vonnegut and Bohn, opened in 1905.

[9] Fred spent his entire career working in Indianapolis at L. S. Ayres, with the exception of a brief time spent in Washington, D.C., and in France during World War I. Fred served in Washington, D.C., from February 1918 to April 1919 at the national headquarters of the American Red Cross.

[1] By 1940, the year Fred died, L. S. Ayres had earned a reputation as one of the city's leading department stores, and was especially known for its customer service and women's fashions.

[10] Ayres and his nephew, Theodore Griffith, who succeeded Fred as president of the company, lead the store's steady growth.

The budget department also served as a training ground for Ayres managers until its decline in the 1960s, when it was eclipsed by Ayr-Way, the family's discount subsidiary, as well as changes in shopping trends and pricing.

Around 1914 the family established Murray Investments, a holding company that owned the store's real estate.

The subsidiary provided for future expansion with the acquisition of additional parcels of land in Anderson, Indianapolis, South Bend, and Evansville, Indiana.

Carson Pirie Scott moved into the former Ayres flagship store location in downtown Indianapolis in 2007.

[18] Fred was active in civic affairs as a member of the Indianapolis Chamber of Commerce, Merchants' Association and Board of Trade.