Word: penney
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...your story on the founder of the J.C. Penney chain [TiME, June...
...this same Drygoodsman James Cash Penney the slumber-loving millionaire
...tiny Kemmerer, just about everybody bought on credit, hence paid high prices. Jim Penney had a better idea: cash on the barrelhead. More important, at a time when most small-town retailers firmly believed it was good business to make a big profit on small volume, Penney subscribed to a still revolutionary idea; he wanted to make a small profit on each item, thus build big volume and a big profit...
...missed few bets. At night, before locking up, Penney always looked up & down the street so as not to lock out any late customers. By the end of his first year he had grossed $28,898.11-big money for a whistle stop. Soon Penney had surplus cash to buy stores in other towns, looked around for likely local partners. By 1912, he had 34 stores, grossing $2,000,000 a year...
...Penney chose his partners carefully, paying as much attention to the wife as to the man ("a good woman's power to encourage is well nigh unlimited"). Once he found the right partner, he gave him a share of any profits and trusted him completely. By 1924 he was calling himself "the man with a thousand partners." Penney's 50,000 "associates" (employees) still share in the profits after a year's service...