Education
James Cash Penny started his business as a partner with two other men in a dry goods and clothing store in Kemmerer. The name of the store was The Golden Rule.
By 1912 there were 34 Golden Rule stores, but the following year it was incorporated to JC Penney when James Cash Penney accepted a majority ownership of the chain, William McManus still being a partner.
The stores continued to use the Golden Rule name for another six years.
In two year alone from 1915 to 1917 the company grew from 83 stores to 175. The chain expand rapidly as stores mangers were allowed to open new stores, keeping one quarter of the profits, as soon as they were successful.
Penny step down as company president in 1917, by which tome the chain had 177 stores and annual sales of some $14 million. He became chairman of the board leaving operational responsibility in the hands of the new president, Earl Corder Sams.
The company grew rapidly and by 1929 it sale had reached $210 million.
This simple concept led the store massive expansion and making it the second-biggest retailer in the country by 1970.
The mother store is located in Kemmerer, Wyoming and still operates as of 2007.
JC Penny early history
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Education
JC Penny early history
James Cash Penny started his business as a partner with two other men in a dry goods and clothing store in Kemmerer. The name of the store was The Golden Rule.
By 1912 there were 34 Golden Rule stores, but the following year it was incorporated to JC Penney when James Cash Penney accepted a majority ownership of the chain, William McManus still being a partner.
The stores continued to use the Golden Rule name for another six years.
In two year alone from 1915 to 1917 the company grew from 83 stores to 175. The chain expand rapidly as stores mangers were allowed to open new stores, keeping one quarter of the profits, as soon as they were successful.
Penny step down as company president in 1917, by which tome the chain had 177 stores and annual sales of some $14 million. He became chairman of the board leaving operational responsibility in the hands of the new president, Earl Corder Sams.
The company grew rapidly and by 1929 it sale had reached $210 million.
This simple concept led the store massive expansion and making it the second-biggest retailer in the country by 1970.
The mother store is located in Kemmerer, Wyoming and still operates as of 2007.
JC Penny early history
- Apple Posts Record Third-quarter As Iphone Sales Surge
Apple has reported another jump in profits as demand for iPhones soared, but its shares fell in after-hours trading after revenue forecasts disappointed analysts. The technology giant sold 47.5 million iPhones in the quarter to 27 June, up 35% on a year...
- Caleb Bradham And Pepsi Cola Company
In 1902, he launched the Pepsi-Cola Company in the back of his New Bern pharmacy room and applied to the U.S. Patent Office for a trademark. At first, The Pepsi-Cola Company simply sold Pepsi-Cola syrup to drug stores in eastern North Carolina. He mixed...
- History Of 7-eleven
Early days 7-Eleven is the world’s largest operator, franchisor, and licensor of convenience stores, with more than 21,000 stores in 18 countries. There are 38000 7-eleven convenience stores located around the world. 7-eleven uses sophisticated...
- Early History Of Pepsi Cola
Pepsi-Cola is one of the drinks that trace its root back to the corner drugstore. In 1893, Caleb D. Bradham, a pharmacist of New Bern invented it. Bradham poured a sample of his mixture into a beaker and gave it to his assistant to taste it. Then he saw...
- History Of Krafts Food
Kraft Foods was founded in 1909 and became Kraft in 1976. It was mainly known as a maker of cheese, biscuits an chilled processed meat. The Kraft name came into the picture in 1903, when James L. Kraft began a wholesale cheeses business. He sold cheese...