Milford chronicle., 1932-04-01
APRIL MARKS THIRTIETH
ANNIVERSARY OF PENNEY co.
Developed From $500 Invested By
Founder TO Yearly Volume OF
SlSG,00G,00O

Developed From $500 Invested g.
Founder 10 Yearly Volume OF
$1SG,00G,000
Thursday, April IA will be tn,
thirtieth anniversary of the found
ing of the J. c. Penney Company
that being the date in 1902 when Mr.
| Penney opened the store i'm the min
ing town of Kemmerer, Wyoming
which ultimately became the mother
store of an organization now cover
ing every state in the Union.
Mr.. Penney's original invested
capital was $500, which, together
with his unsecured note for $500
bought for him a one-third interest
in the one room shop operated un-
der the name Golden Rule Store.
The other twO-thirds interest was
owned by Johnson & Callahan v ith
headquarters in Evanston. Wyoming.
The plan of allowing store manag-
ers to acquire an interest in the
stores they operated was a growing
one in the West at that time. 1t was
largely due to the fact that there
was little money.
AS a partner. manager was like
ly to exert himself more than as an
employee, and he also became re-
sponsible for his share OF the Oper-
ating expenses of the store.
Early spread was close to Kem-
merer and was largely in the states
of Utah, Colorado and Idaho.
In 1907, Mr.. Penney acquired full
ownership of three stores in the
Johnson & Callahan group and im-
mediately set his ayOwed plan Of OPP
Grafton into effect.
The plan was simple in it's objects
1t put the possibility of store
partnership before every male asso-
ciate in the company. The man who
through his own ability could quail
ify got a store of his own. In modi-
fed form, the same general plan is
still working today, thirty years la
ter
Despite the fact that this plan was
at one time termed too altruiStic to
admit of success by bankers. it has
resulted in a growth at q more rapid
rate than has been shown by any
like enterprise in this country.
Each original dollar of the $500
Mr.. Penney put into the project
thirty years ago turned over $4,000
times last year.
In the first ten years, between
1902 and 1912, store units increased
to "a as men were attracted by the
promise of partnership and new and
managerial material was
developed.
Total sales at the close Of 1912, |
for the year, were slightly over 81
BOO, 900.
The next ten year period carried |
he J. c. Penney Company name
rom the Western States as far east !
rs Iowa and South through Texas
md into the Southeastern states.
In 1914, Earl Corder Sans, one of
he first men to start working with
Mr.. Penney in Kemmerer, was chos-
m President to succeed the found
n, who wanted to pass the reins
,ver to other hands than his own.
Under Mr.. Sans direction the
moves in expansion went on rapidly,
md at the end of the first twenty
ears in business, total sales for
922 were more than $4,000, 100000
nd there were 81 stores carrying
he name of the Company.
Between 1922 and 1927, which
marked the twenty-fifth anniversary
s.A4 h,I svarnnCoI N QQE 1n6 |
ales for 1927 were $150,000,000.
In general, the expansion of the
ompany in it's first twenty-five
ears of growth, had been among
he smaller cities and towns.
This policy has not been changed,
ut in the last few years an addi-
onal field of expansion was enter
in the larger cities and in major
)cations.
Portland, Oregon; Spokane, Wash
lgton; Oakland, California; st.
ouis, Missouri; Denver. Colorado;
ulsa, Oklahoma; one after another
-as added to the list and in mid
Immer 1881, the largest store yet
} be opened appeared in Seattle,
5ashingtOn.
In 1881 sales were close to $780,.
10000 and the organization had
won it's position as the
lrgest single distributor of dry
pods, clothing, and footwear, di-
,ctly over the counter.
1t has become recognized as the
rgest employer in the dry goods
I'd clothing field.
Among the labor Unions it is
lOwn as the heaviest patron of
nion shops in its field.
During its entire history. the or
has been known as one
careful and conservative manage
ent.
During its thirty years, this Com
my has maintained in a remark
lie manner stores that are essen
ally local in their interests and
activity while combining
e resources of many stores for
in distribution.
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