Milford chronicle., 1929-10-11
J. c. PENNEY co.
STORE ONE OF 500 TO
BE OPENED THIS YEAR
Expansion Greatest In History OF
Organization

The new j. C. Penney Co. store
which opens here on Thursday, Oc-
tober 10, is number 1852 in the great
chain which has a goal more than
1900 stores by the end of 1929. The
total number of stores opened or as
signed at the end of 1928 was 1924,
making the store in this city the
22Sth in the 500 store increase set
for this year.
At the close of 1928 the total vol
ume of sales for the year was S176,-
100000, and with the opening of the
150Oth store the total yearly volume
is expected to reach $250,000,000.
The first ]. C. Penney Co. store
was opened in April, 1902, in the lit
tie mining town of Kemmerer, Wyo.,
and in its first year it did total bus
mess of $4,000.
The growth of the organization
from that time has been one of the
outstanding developments in the
merchandising history of the coun-
try. Financing of the company, out
side of preferred stock issued direct
ly after the war, proceeds from
which was used to defray tax ex-
penses, has been entirely through
the earnings of the stores.
Funds to provide for the rapid ex-
pansion set for this year were OBJ
tanned through the sale of new COM
mon stock to present holders of this
class of stock and not through out
side methods.
The man who heads the organiza-
ton, as chairman-of- -the-board, is
the man who opened the first store.
Directors and operating executives
are all men who have come up
through the ranks from clerks to
their present positions.
Managers for the new stores will
be taken from men who have been
trained in the present stores and ad-
vancement to positions made vacant
through promotions will be made out
of present employees.
Plans for the expansion program
which finally set upon 500 new stores
for this year, were made after trips
by Mr.. Penney, and by Mr.. Earl C.
Sans, president, throughout a large
portion of the country and as re-
suit of requests made by chambers
of commerce, local business organi-
cations and others for new ]. G. Pen
ney Co. stores.
Policies of the company which rig
idly eliminate Sales" bargain
days." and other price cutting pro-
cedures, have been accepted by lead
ing merchants as strong force in
stabilizing values according to
statements made by national retail
ing organizations and others.
Mr. Sans is active in wide range
of merchandising fields, has been a
speaker before the National Cham
ber of Commerce, president of busi-
ness clubs and is widely quoted as
an authority on store methods.
Mr.. Penney, in addition to his ac-
tivities as chain store merchant, is
a nationally known exponent of bet
ter and more profitable farming and
is himself breeder of purebred live
stock, including Guernsey cattle,
Berkshire hogs and Hamshire sheep
which he exhibits at leading state
fairs and stock shows.
He is also the proprietor of 120,-
900 acre farm project conducted
along the same lines of cooperative
which has been the
backbone of the ]. c. Penney Co. In
publishing fields he is known as the
president of the Christian Herald
Publishing Association, publishing
the Christian Herald, an interna-
recognized leader in the
field of church magazines.