When Did J.C. Penny Originate?
Roots of the JC Penney retail chain go back to 1898 when James Cash Penney bought a one-third interest in a Golden Rule store in Kemmerer, Wyoming. Penney later bought out other owners in this and two other Golden Rule stores and in 1913 incoporated his growing chain under the name J.C. Penney Company.
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Principles
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In 1913, company partners also formed The Penney Idea, a document of ethics and business practices, at a meeting in Salt Lake City, Utah. Principles in the document formed a foundation for the company's business practices that has lasted to this day.
Private Brands
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Big Macs work clothing was the first private brand to launch in JCPenney stores in 1922. The trend was a success and private brands eventually grew to represent nearly half of the retailer's merchandise and about 45 percent of revenue by 2008, according to the JCPenney Annual Report.
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Sales
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In 1951, sales at the giant retailer passed the $1 billion milestone for the first time. By 2008, revenues exceeded $18 billion, although down from more than $19 billion the previous year, according to the company's financial statements.
Catalog
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The first JCPenney catalog was issued in 1963 and the store was generating more than $1 billion in sales from catalog shoppers alone some 16 years later.
Public Company
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In October 2009, JCPenney marked 80 years of trading on the New York Stock Exchange (NYSE) under the ticker symbol "JCP." To commemorate the occasion, Mike Ullman, chairman and chief executive officer of the company at the time, rang the closing bell on the NYSE. The retailer began trading in public markets in 1929, on the brink of the Great Depression.
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- Photo Credit Image by Flickr.com, courtesy of Paul Keleher
