The owner's method of financing the start of the company J.C. Penney Corporation, Inc., an American Retail Company, was created in 1902 by James Cash Penney. Currently, the company is involved in marketing clothing, home-based fixtures, jewelry, cosmetics, and cookware. Originally, incorporated as the J.C. Penney Stores Company from 1913 to 1924, and its present name, J.C. Penney Co., was reincorporated present in 1968. In the early 21st century, the company operated roughly 1,000 stores in the United States and Puerto Rico. Headquarters are in Plano, Texas (Encyclopaedia Britannica, 2014). The company’s humble beginnings can be traced to 1898, shortly after Mr. Penney left his parent’s farm to open a butcher shop in Longmont, Colorado. His business relied on purchases by a local hotel. When he refused to exchange liquor to the hotel cook in return for his trade, the butcher shop failed. Penney was then employed as a store clerk at the Golden Rule Store, a small dry goods retail store that contained work apparel, cloth, and sewing materials. His work ethic impressed the owners to the point of promoting him to manage their Evanston, Wyoming store in 1899. On April 14, 1902, they made him a one-third partner in their new store in Kemmerer, Wyoming on the Oregon Short Line Railroad, a town which had 1,000 residents by the time Penney arrived (McInnis, 2014). In order to solidify his partnership, Mr. Penney paid $2,000 for his stake of the store, a venture that proved to be very rewarding. He only had $500 in savings, so he took out an I.O.U with his partners to cover the remaining balance. The Golden Rule Store sold what mining families desired and it sold it at reasonable cost. In 1902, its first year, the store profited $8,000... ... middle of paper ... ...s, D. (2014, March 23). Is J.C. Penney at Death's Door? Retrieved from The Motley Fool: http://www.fool.com/investing/general/2014/02/17/is-jc-penney-at-deaths-door.aspx McInnis, D. (2014, March 23). James Cash Penney: From Clerk to Chain-store Tycoon. Retrieved from Wyoming State Historical Society: http://www.wyohistory.org/encyclopedia/james-cash-penney-clerk-chain-store-tycoon Morningstar. (2014, March 23). J.C. Penney Co Inc JCP. Retrieved from Morningstar: http://financials.morningstar.com/ratios/r.html?t=JCP MSN Money. (2014, March 23). Penney Co Inc (NYSE: JCP). Retrieved from MSN Money: http://investing.money.msn.com/investments/stock-price?Symbol=jcp&ocid=qbeb The State Historical Society of Missouri. (2014, March 23). James Cash Penney. Retrieved from Historic Missourians: James Cash Penney: http://shs.umsystem.edu/historicmissourians/name/p/penney/
Despite the outbreak of the First World War, the store strived to give a great service to the public, giving a meaning to the famous phrase “business as usual” (Harry Gordon Selfridge, 1914). During the period of 1919 and 1924, the company started its first expansion in Oxford Street and was selling everything from make-up to toys. So far, over 15 million had shopped in the store.
The Faith Mountain Company has experienced a great deal of success since opening in 1977. What Cheri and Martin Woodard began as a local store that sold herbs, related products, and antiques has slowly evolved into a major mail-order catalog company and retail store that develops, manufactures, and markets high-quality gifts, apparel, and home accessories. In 1991, Faith Mountain was still a relatively small company with less than 50 employees. However, sales have been steadily increasing for Faith Mountain, as they went from about $1.2 million in sales in 1987 to just over $5 million in 1991. In 1991 The Faith Mountain Company set for itself the overall goal of $25 million in annual sales by 1995, with $10 million coming from sales from the Faith Mountain catalog, $5 million from the retail division, and $10 million from the acquisition and development of another catalog company. Reaching these goals will have implications in all areas of operation, including expansion, human resources, marketing, and finance.
With a growth strategy based on increasing sales, expanding operating profit margins and growing store base Dollar General has seen the desired growth success. Throughout this growth, Dollar General has been committed to their relatively simple business model: providing a broad base of customers with their basic everyday and household needs, supplemented with a variety of general merchandise items, at everyday low prices in conveniently located small-box stores. This commitment has proven growth but there are many risks associated with investing, as stated in the
This company was founded by Tom Monaghan and his brother, James, in 1960, in Ypsilanti, Michigan, near Eastern Michigan University. By 1965, Tom Monaghan had purchased two additional small stores; he now had a total of three locations in the same county. Monaghan wanted the stores to share the same branding - thus the company logo originally had three dots, representing the three stores in 1965. Monaghan planned to add a new dot with the addition of every new store, but this idea quickly faded, as the company experienced rapid growth. It opened its first franchise location in 1967 and by 1978 the company expanded to 200 stores. Which
Lowe’s Companies, Inc. is the fourteenth largest retailer in America, and overall the world’s second largest home improvement retailer. They are the 108th ranked corporation on the Fortune 500 top corporations list. With an impressive in store stock of 40,000 home improvement items on hand, ranging from lumber to Home décor items, plus an additional 400,000 home improvement items available through a special order program. Lowe’s provides a onetime stop for all home improvement needs, for both the Do-It-Yourselfer, and the ever-expanding market of the Commercial Business Customer.
... J. P. Morgan and Company to reflect his power. Morgan also got a stranglehold on several other industries by buying out Carnegie Steel, oil companies, and railroads. Morgan soon went back to his roots and started acquiring more banks, financial firms, and insurance providers. (Moritz 35-39) Today, J. P. Morgan and Company is known as JPMorgan Chase, easily the world's largest global financial services firm.
Costco was founded on September 15th, 1983 by Jeffery Brotman and James Sinegal (Chesley). It became renowned for its warehouse club retail model, pioneered by former competitor Price Club. After a major merger in 1993 with Price Club, Costco expanded to 206 locations, doubling the size of the company (“Costco Wholesale Historical Highlights”). The decision was based on the fact Costco and Price Club shared similar business philosophies, operations, and the looming threat of being taken over by Sam’s Club. Operating as PriceCostco, international expansion began with development of stores in Mexico, the opening of two stores in England, and the licensing of a Price Club in South Korea ("Costco Wholesale Corporation").
This is a good question. Walmart started as a small five and dime in the city of Bentonville, Arkansas by a man named Sam Walton. After a great success Sam and his wife Helen moved to Rogers, Arkansas where he opened his very first Walmart. He had some retailing experience after his time in the war and he chose Bentonville for the hunting season and because his wife wanted to live in a small town. His ideas of not pocketing extra cash from manufacturers, but rather giving deals to customers and trying to make profit off of how much he sold, changed the way retailers make money in America. Sam had a cheap mindset, not only for his customers, but for himself. Even when he became the richest man in America he continued to get his hair done for
My company of choice for this report is Macy 's. 'The Magic of Macy 's ', as the company advertises it, has inspired me to shop there, take advantage of their incomparable discounts and great online shopping experience. Macy 's, Inc. is one of the largest department store chains in the United States of America. Macy 's manages stores under the Macy 's and Bloomingdale 's brands. I enjoy shopping at both of the company 's store brands, Macy 's and Bloomingdales. Bloomingdales provides a more personalized experience
JCPenney is a chain of American mid-range department stores that is based out of Texas that started over 100 years ago. JCPenny has been successful for most of its time up until the last three to four years. The company is trying relentlessly to overcome the lingering effects of the makeover that former CEO, Ron Johnson, had implemented in order for the company to take a new direction in hopes of increasing sales. The new CEO, Myron Ullman, has taken a close look into the markets demographic segmentation along with the income segmentation in order to attempt to return the retailer back to its old self, which is to appeal to middle-market customers. A couple issues of major concern for the company are the dissolving of Johnson’s Boutiques, the price of their products, and overall revenue.
Montgomery Ward & Co, Incorporated is a national retailer with more than 400 stores in 43 states. It is the ninth-biggest US retailer and the biggest secretly held company in the nation. The organization worked various retailing ideas, including the leaders company, which held up to...
During the Great Depression, while the competitors were cutting costs and reusing outdated designs, Kress was expanding and building more elaborate stores than their previous ones. The architecture was referred to as an “emporium” evoking an elegant atmosphere more suited to a fine cloth or furniture store in New York rather than the five & dime stores dotting small town America. Many wonder what the driving force was behind these design decisions, especially during a national time of economic recession. Perhaps simply to outpace the competition, but perhaps more importantly Samuel Kress was an avid art collector and a proponent of public art enhancing a community. In this way the Kress legacy of the brand became more than a retail business, it became a symbol of small town civic pride.
Only the U.S. government maintains a bigger database.” Sam Walton was eventually considered “the most influential retailer of the century, and with good reason, for nearly every great retailer of the coming years would follow his business examples.” Industrial Revolution: When the Industrial Revolution took place in the United States, factories were now able to out produce consumer demand. For the first time, these new goods needed new ways to be sold, new ways to get to the public. “In New York, Philadelphia, and Chicago, the first department stores opened their doors. Railroads and telegraph wires snaked across the country, giving storekeepers a new way to order goods and get them on the shelves faster than ever before. A whole new industry sprang up to persuade people through advertisements with enticing pictures and clever slogans, to buy things they’d never known they needed, to turn America, in the phrase department store pioneer John Wanamaker, into the Land of Desire.
Although Lorna works within a specialty division of Walmart, she is influenced by a strong corporate culture. All associates (employees) hear the story of founder, Sam Walton, and are taught his three core beliefs- service to customer, respect for the individual, and strive for excellence. The Shining Star program recognizes individuals who demonstrate these values. The continued influence of Sam’s frugality is exhibited in the company’s current money saving strategies used to deal with corporate travel, suppliers, store development, and consumer purchases.