The history of JC Penney started with a man named James Cash Penney. He was an entrepreneur who founded the infamous department store in 1902 with the help of William McManus. He made his start working in small chains around 1898 in the western part of the US. These stores were called Golden Rule. His superiors were so impressed with his skills and insight that he was offered a partnership. From there he went on to open two more stores after a 2,000 dollar investment with the first. The three party partnership fell apart in 1907 leaving Penny to purchase all three of the stores that he participated in opening. Customers can of JCPenney can pay bills online at JCP.com/credit.
Within 5 years he had 34 stores across the United States. He eventually moved the company to Salt Lake City Utah in 1913. This is where The Golden Rule became JC Penney. These stores became a nation wide chain. By 1929 he had 120 branches and was making over one million dollars each year. The store was a success then and it still is today.
By 1970 it was the largest retail chain in the country, but the stock market crash proved to be a disaster to Penny’s personal finances. He had to borrow against policies he owned to even meet payroll. Penny became ill shortly afterward because of the stress. He actually had to admit himself into a sanatorium. He passed away in 1971.
Still, the department store still known as JC Penney is one of the largest retail company’s ever known. The stores are located in malls in the nation. It has made a lot of changes throughout the years. JC Penney now even has internet shopping alternatives. The store still follows Penney’s golden rule that you should treat the customers the way that you want to be treated.
JC Penney focuses on fair prices and a fantastic customer experience. They really take pride in the way that they do business. Following strict policies are a way of life for the major chain and its employees. All of these years later the dream of a business man and entrepreneur who followed his dream and built an empire still rages on. JC Penney is among on of the most shopped at stores in the US, and it shows no signs of slowing down. It does have some competition, but JC Penney is still going strong. JC Penney history stands as a fine example to anyone to reach for the stars and dare to dream.