Word: penney
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Dates: during 1950-1959
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Albert W. Hughes, president of the J. C. Penney Co LL.D...
When J. C. (for James Cash) Penney started out in 1902 in the small mining town of Kemmerer, Wyo., he had one store, a $2,000 stake in it (most of it borrowed), and high hopes for his new, cash-on-the-barrelhead business. Last week 75-year-old Jim Penney, founder of the 1,612-store J. C. Penney Co. chain (TIME, June 20, 1949), third largest general merchandise retail business in the U.S., made a sentimental journey back to Wyoming for his first store's 49th anniversary...
After reminiscent greetings and handshakes, Jim Penney went right to work at his favorite act: selling. Kemmerer's Mayor Wilford Williams, his mind set on buying one white shirt, wilted under Penney's persuasion: "I'm a no-good of a salesman unless I can sell you two." He did. Penney made his way around the store, sat down to fit a shy young girl with a pair of shoes (no sale), happily spotted a miner wearing Penney overalls...
...People say I can see a Penney label clear through a stone wall"). After two hours he called it a day, with $45.60 in sales to his credit. Said Founder Penney: "This is the place I dreamed my dream in. This is where it all started...
...flexibility of operation and concentration on sales to independent jobbers and retailers. Though fully half the U.S. shoe industry has set up its own retail outlets, Ed Rand still intends to rely on the independents as well as such chains as Sears, Roebuck and J. C. Penney. But he hopes to make some changes. Where his father carefully avoided any razzle-dazzle, Ed Rand hopes to step up sales with a louder blast on his advertising horn...