J.C. Penney
Founded (1909)
James Cash Penney opened a small dry goods store in 1902 in the small coal and sheepherders mining town of Kemmerer, Wyoming. The store was named "Golden Rule" and ran on a cash basis only. He made his customers feel welcomed and appreciated when doing business at the store. He also sold goods at just one price and gave good values.
By 1913, there were thirty-six Golden Rule stores that incorporated that year as the J.C. Penney Company. The stores enforced "the Penney Idea" which was: 1) To serve the public, as nearly as we can, to its complete satisfaction. 2) To expect for the service we render a fair remuneration and not all the profit the traffic will bear. 3) To do all in our power to pact the customer's dollar full of value, quality and satisfaction. 4) To continue to rain ourselves and our associates so that the service we give will be more and more intelligently performed. 5) To improve constantly the human factor in our business. 6) To reward men and women in our organization through participation in what the business produces. 7) To test our every policy, method and act in this wise: "Does it square with what is right and just?"
In 1954, James Cash Penney was the recipient of the Tobe award, the highest honor given by the National Retail Dry Goods Association. In 1962, Penney was the first American retailer to purchase merchandise from a new cutting-edge designer named Mary Quant of Greta Britain. J.C. Penney launched its first catalog in 1963 and together with Sears, Roebuck and Co., and Montgomery Wards brought soft goods as well as hard goods to millions of Americans who did not live in close proximity to any major department store. In 1976, Penney was recognized with the Hall of Fame for Business Leadership Award.
Well into his nineties, Penney continued to work a full day. He toured the country; he visited Penney stores and lectured to Rotary Clubs and other organizations on the promise of America. James Cash Penney died in 1971, at the age of ninety-five.
Traditionally, the chain did the bulk of its business in men's, women's, and children's clothing, shoes, and men's work clothes, but this hasn't been the case since Penney's introduced full-line department stores in 1962. Today, Penney's is aggressively marketing to Middle America with lifestyle categories that address consumer needs. In 2007, Penney’s expanded its traditional lifestyle area with the addition of Liz & Co. by Liz Claiborne. Penney’s also recognizes the benefit of off-mall locations, dedicating ninety percent of its expansion in the upcoming few years to this category.
