He left Florida and focused on New York, where he came into the Penney office every day. His father, James Cash Penney Sr., was a minister and civic leader who ran unsuccessfully for Congress on a populist ticket in 1894. While its namesake, Missouri-born James Cash Penney was a famous mercantilist, he also was passionate about agricultural research. Ben Johnson (@therightswriter) is an Eastern Orthodox priest and served as Executive Editor of the Acton Institute (2016-2021), editingReligion & Liberty, thePowerblog, and its transatlantic website. He accepted "cash only" for his goods, rather than credit. The foundation was restructured in 1999 as the Penney Family Fund, and is no longer affiliated with J. C. Penney Co., Inc., or its corporate giving program. It has been a monument to one of the great merchants of American history, and may continue to be so. In 1940, during a visit to a store in Des Moines, Iowa, he trained a young Sam Walton on how to wrap packages with a minimal amount of paper and ribbon. He brought in good men willing to work from all over the United States, and funded everything. And by 1924, the number of stores reached 1,400. Accessed March 30, 2011 at, The Dynamo corporate newsletter, May 1932. Fax: (704) 342-4320 His father, a farmer, served as an unpaid preacher for a fundamentalist sect known as Primitive Baptists. The Salt Lake City store was for many years the most profitable. With letters of recommendation in hand, the young man headed west toward the Rockies in the summer of 1897. In the liberal tradition: James Cash (J.C.) Penney Jr. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. What experience do you need to become a teacher? Articles from Britannica Encyclopedias for elementary and high school students. Accessed March 30, 2011 at, The photos of Kemmerer, and the Second Golden Rule Store there, are from. He was quickly employed by T.M. 709 East South Temple Inventory sold faster and was turned over more frequently than in most similar stores. In 1902, owners Guy Johnson and Thomas Callahan, impressed by his work ethic and salesmanship, offered him a one-third partnership in a new store he would open. When he was between eight and ten years old, Reverend Penney told young Jim that he needed to earn money to contribute to the familys limited coffers. J.C. Penney: Merchant Prince. Golden Rule sold what mining families needed, and it sold it affordably. James Cash Penney, Jr. (September 16, 1875 - February 12, 1971) was an American businessman and entrepreneur who, in 1902, founded the J.C. Penney stores. Penneys influence stemmed in part from his longevity. In May 2020, the J.C. Penney chain announced it would close nearly one-third of its remaining 846 stores after filing for bankruptcy. The James Cash Penney Papers, Southern Methodist University. You miss the mark unless you call to the attention of every man or woman that comes into the store that many (of our) lines have been priced lower than they have ever been, he wrote. Enter your email address to subscribe and receive our newsletter and updates on new publications. In 1959 alone, at the age of eighty-four, he attended fifty-nine store openings, made a hundred speeches, spent two hundred days on the road travelling sixty thousand miles, and appeared on twenty-seven radio and television programs. Madame CJ Walker was an early entrepreneur in the beauty industry that today garners billions of dollars . The Reverend Dr. Norman Vincent Peale delivered the eulogy at the funeral. Water was drawn from a nearby well and hauled up to their rooms by bucket and rope. When he was convinced he had the right team to continue building the company, he stepped up from president to chairman in 1917, at the age of forty-two turning the daily reins over to longtime colleague Earl Sams. His venture depended on purchases by a local hotel. J. C. Penney, founder of the department store chain, died yesterday morning at the Hark ness Pavilion, ColumbiaPres byterian Medical Center. Gale Encyclopedia of U.S. Economic History. 2 Recreation Board, Indigenous People in Wyoming and the West, http://www.jcpenney.net/about/jcp/jcphistory/default.aspx, http://digitalcollections.smu.edu/cdm4/item_viewer.php?CISOROOT=/dyn&CISOPTR=65&CISOBOX=1&REC=5, http://www.lib.utexas.edu/taro/smu/00012/smu-00012.html, http://ahc.uwyo.edu/eduoutreach/citizen/penney.htm, http://select.nytimes.com/gst/abstract.html?res=F10617FA3A5F0C7A8DDDAA0894DA494D81&scp=12&sq=%22James%20Cash%20Penney%22&st=cse, http://money.cnn.com/magazines/fortune/fortune500/2010/snapshots/2255.html, Green River Historic Preservation Commission, Natrona County Board of Cooperative Educational Services, Natrona County Recreation Joint Powers Board, Sublette County Historical Preservation Board, University of Wyoming School of Energy Resources, The JC Penney Co. corporate history website. The basic biography of Penney isMain Street Merchant: The Story of the J.C. Penney Company, by Norman Beasley. It is well kept, and the curator is generous with her time as well as knowledgeable about the regions history. Whenever in a store, he waited on customers. [20], At the end of the Great Depression, Penney teamed with Thomas J. Watson, President and Founder of IBM, Arthur Godfrey, the radio and TV personality; and Norman Vincent Peale, a minister, inspirational speaker, and author of The Power of Positive Thinking, to help Henry Simler, an executive with the Remington Rand company. Reverend Penney worked hard to instill ethics in his son. Encourage the speaker, ask questions, and be considerate. Kruger, David D., "James Cash Penney: The Impact of a Main Street Merchant on Oklahoma,", This page was last edited on 18 January 2023, at 22:28. Former industry leaders Montgomery Ward and F. W. Woolworth are long gone. J. C. Penney had a somewhat unusual attitude toward competition. As he expanded, he gave store managers autonomy to run their stores as they saw fit and an. They put as much power into the hands of store managers, close to the customers, as possible. The company opened its 500th store in 1924 in Hamilton, Missouri, James Cash Penney's hometown. Encyclopedia.com. In 1922, the company's oldest active private brand, Big Mac work clothes, was launched. . Cooperation proves the quality of leadership.". James Cash Penney was the founder of JCPenney, and he has a name thats, well, rich with money and deal references. As each new store opened, Penney offered a profit-sharing plan to its manager. 911 [][FROMNATURE] 150mlAge t The town had sprung up seemingly overnight after coal was discovered in 1897, and had 1,000 residents by the time Penney arrived. His estate was valued at approximately $35million.[17]. He died in 1971. Web site: http://www.belk., Dillard Department Stores Inc The cookie is used to store the user consent for the cookies in the category "Analytics". Originally called The Golden Rule, the store sought to "treat others as we would like to be treated." He continued to serve on Penneys corporate board until his death at age 95 in 1971. Callahan, the owner of the Golden Rule Mercantile Company Chaina company Penney would later buy-out and make into his own. Callahan and Johnson offered to loan him the balance of $1,500 in order to buy his one-third ($2,000) share of the $6,000 investment required, at 8% interest. For a while, Jim did this, then he realized his father would have never put up with the bribery. On December 26, 1970, Penney fell and fractured his hip. Although visitors only need about an hour to explore this site, it is well worth their time. All rights reserved. But his father pointed out that those selling watermelons inside the fairgrounds had paid a concession fee, and insisted Jim stop competing unfairly. Over 20% of them were past or present presidents of their Chambers of Commerce. In May 2020, the J.C. Penney chain announced it would close nearly one-third of its remaining 846 stores after filing for bankruptcy. After a few years of success, Penney was offered his own store in Kemmerer, Wyoming, and took his shot. [1], J. C. Penney was born on September 16, 1875, on a farm outside of Hamilton, Caldwell County, Missouri. Corrections? Six decades later, Penney's vision is still alive at the working farm. The company was incorporated under the new name, J. C. Penney Company. The railroad needed coal, the coal mines needed miners, and the miners and their families needed dry goods. Minneapolis, MN: TS Dennison, 1963. the ethical means by which my business associates and i have made money is more important than the fact that we have achieved business success. That spring, his father died; among his last words were, Jim will make it. Salt Lake City, Utah 84102-1205 Belk Stores Services, Inc. The couple attended church, and had their first child, a boy, in 1901. In 1913, The Penney Idea was drafted, outlining Penneys business values and principles. It does not store any personal data. In the fall of 1901, the two partners told Jim they wanted to open a new store in huge Ogden, Utah (population 20,000). He received many awards during his life and was involved in the founding of the University of Miami. Wal-Mart founder Sam Walton put a copy of Penneys motto above his desk. In 1913, he moved the company to the Kearns Building in downtown Salt Lake City, Utah. Both achieved their goals by setting up an ambitious strategy to secure new paths of growth. Because each style has its own formatting nuances that evolve over time and not all information is available for every reference entry or article, Encyclopedia.com cannot guarantee each citation it generates. 75009 Paris How did the Great Depression affect James Cash Penney? He died on February 12, 1971. This was his parents' way of teaching him the value of money and self-reliance. By the 1920s, J. C. Penney was worth perhaps $40 million, over $500 million today. However, his fathers untimely death forced a change in plans, and Penney was forced to take a job as a store clerk to help support the family. From US 30, follow US 189 or US 30 Alt into downtown Kemmerer. 9. . Despite miners often being paid in scrip that could be spent at mining company stores, The Golden Rule only sold for cash, rare for the time. He had never been much of a book reader, preferring practical experience, but in 1915 he discovered the bookYouth and Opportunityby Dr. Thomas Tapper. In 1902, owners Guy Johnson and Thomas Callahan, impressed by his work ethic and salesmanship, offered him a one-third partnership in a new store he would open. [2], After graduation from Hamilton High School, Penney intended to attend college with the hopes of becoming a lawyer. The tactic worked. 1977: This is JCPenney becomes the company slogan. 2013. Penney stocked quality products at fair prices for mining and farm families. In addition, Penney was personally liable when a Florida bank, where he served as board chairman, failed in 1930; he paid several million dollars to cover losses by bank depositors. Encyclopedia.com. The man who sold him the butcher shop said he could hold onto this key customer as long as he bought the hotel manager a bottle of whiskey each week. Penneys first job was clerking in a general store for a salary of $2.27 per month. Wilmington, Delaware 19801 The American Heritage Center, University of Wyoming. He was deeply loyal to Callahan and Johnson, from whom he learned so much. He has extensively researched the Alt-Right. 2014. But Sams decided to go with Jim Penney. New York: Harper Bros, 1950. James Cash Penney Ideas, Competition, Wells How did James Cash Penney manage his business? Therefore, be sure to refer to those guidelines when editing your bibliography or works cited list. When the senior clerk came back to work, Tom Callahan kept Jim on. He insisted on stocking quality goods at a fair price and accepted only cashto keep his customers out of debt. From inauspicious beginnings rose one of the great entrepreneurs in American history, a man with unusual dedication and exceptionally high ideals. Sams had been recommended by a Denver employment agency. Death was ascribed to medical. Today that community is still in existence, bearing his name, and is located in the town that also bears his name. It also required bigger bank lines of credit, and the banks could not understand all these partnerships. How did James Cash Penney achieve his goals? Me! My real business is I own 50 brands, Shaq explained. The Acton Institute produces three weekly podcasts, feature films, and much more audio and video content that explores the ideas that form and sustain and free and virtuous society. Penney knew he could not control the daily operations of many stores with such wide expansion. Shirts, blue jeans, and undergarments . For the department store he founded, see. Often managers said, God help this company if it ever falls into the hands of a mastermind.. In 1907, he bought out his partners Wyoming holdings and used them as a springboard to open stores in Idaho and Utah, and eventually across the nation. Frequent national and regional conventions of managers were held, with Penney and other leaders speaking at every opportunity. Penney was a member of two professional collegiate fraternities: Alpha Gamma Rho for agriculture and Alpha Kappa Psi for business. But Jim deferred, saying Ogden was too big, that he preferred smaller towns where he could know all his customers and their needs. The first store, named The Golden Rule, set the standard by which we have operated for over a century to treat others as we would like to be treated. The main customer was a local hotel. Web. This cookie is set by GDPR Cookie Consent plugin. J.C. Penney, in full James Cash Penney, (born Sept. 16, 1875, Hamilton, Mo., U.S.died Feb. 12, 1971, New York, N.Y.), merchant who established one of the largest chains of department stores in the United States. Before profit sharing and employee ownership became heralded management techniques, James Cash Penney used them to build the first nationwide chain of department stores. Before his death in 1971 at the age of 95, Penney saw his company grow from a frontier-town dry-goods store to the second largest nonfood merchandiser in the country, behind Sears, Roebuck and Co. J. C. Penney owned over 50% of the total stock. He suggested Jim move west where the air was clearer and drier. This may have less to do with deviation from the Golden Rule than its inability to keep pace with a changing market. Against his vote, but as always with his support of the final decision of his partners, the company began to offer credit. "The best teamwork comes from men who are working independently toward one goal in unison." James Cash Penney. But profit sharing meant corporate executives could earn more, and store managers much more. Mu;ltiple answers have been given - he DID tithe 10% and this is factual. This will help align your words and actions and help build trust. The stores traded in dry goods grain, flour, beans; anything that wouldnt spoil. The company gradually entered larger cities. J.C. Penney, in full James Cash Penney, (born Sept. 16, 1875, Hamilton, Mo., U.S.died Feb. 12, 1971, New York, N.Y.), merchant who established one of the largest chains of department stores in the United States. More than 100 years later, the companys Winning Together Principles were guiding employees at all levels, perpetuating a principle-centered business with values that extend far beyond the basic task of generating profits. He suggested more persuasive selling practices might have kept sales from falling, even in a dismal economy. This cookie is set by GDPR Cookie Consent plugin. They have either lost confidence that you can help or concluded you do not care. Most of this work was halted when the stock market crash of 1929 and the Great Depression left Penney in financial ruin. Penney took to this new line of work, and began to set aside money to start a business of his own. U.S.A. 27 per month. In high school, he was a mediocre student but an outstanding orator, delivering uplifting messages about patriotism, Christianity, and the merits of hard work to his fellow students. After graduation from Hamilton High School, Penney intended to attend college with the hopes of becoming a lawyer. With support from headquarters, each manager put together his own advertisingeventually in over two thousand newspapers across the West. Penney was buried in Woodlawn Cemetery in the Bronx, New York City, not far from the grave of fellow retail entrepreneur, F. W. Woolworth. The young couple lived above the store, using shoe boxes for chairs and packing cases for tables. We open at seven, and never get closed till nine or ten oclock, work half day Sunday. France (Not until 1927 did the company have stock which was the same for everyone, but this was supplemented by handing out a sixth of each stores profits to its managers.). The Acton Institutes international events calendar includes public lectures, academic seminars, joint participation in panels, and the annual Acton University conference in Grand Rapids, Michigan. In the early 21st century the company operated more than 800 stores in the United States and Puerto Rico. J.C. Penney. His work and his sense of constantly expanding businesswith more stores and mail-order catalogues led to monumental national expansion throughout the 1920s. For more information about our sponsors and the people behind WyoHistory.org, visit our About Us page: Young James Cash Penney and two partners open a new Golden Rule store in Kemmerer, Wyo., foundation of what would become the great JC Penney Company. Massive efforts were required to find the right men for the chain as it grew through one hundred stores. JCPenney Is Getting A New Start In 2021, But Its Old Problems Remain. Omissions? He underwrote Christian causes like theChristian Heraldmagazine. Most online reference entries and articles do not have page numbers. Penney's father was a Baptist preacher and farmer whose strict discipline included making his son pay for his own clothing once he reached 8 years of age. JCPenney was started by James Cash Penney in 1902 as a single store in a Wyoming coal mining town. They remembered their sizes and preferences. In truth, he did not want to go into as much debt to the senior partners as would have been required to finance a big store in Ogden. He was such an enterprising worker that the pair of owners . He was also one of the first entrepreneurs to use corporate profit sharing to encourage employees to have a stake in the company's success. This website uses cookies to improve your experience while you navigate through the website. Regardless of what may befall J.C. Penney in the years to come, the fact that the . Speak softly and carry a big stick; you will go far. After the 1929 stock crash, Penney lost virtually all his personal wealth and borrowed against his life insurance policies to help the company meet its payroll. "Penney, James Cash The museum is located at 722 JC Penny Drive, Kemmerer, WY. Penney invested $2,000 and moved to Kemmerer, Wyoming, to open a store there. J.C. Penney, in full James Cash Penney, (born Sept. 16, 1875, Hamilton, Mo., U.S.died Feb. 12, 1971, New York, N.Y.), merchant who established one of the largest chains of department stores in the United States. Self is forgotten by the one who serves, for such a one rejoices to see success coming to others through his or her efforts. . I like the way he has started out. This inspired Jim for the rest of his life. In his book Penney wrote: "The ethical means by which my business associates and I have made money is more important than the fact that we have achieved business success. Penney, who had passed on an applicant who would not work Sundays, wrote Sams to insure nothing was misunderstood, [Our man] must be a hustler, not afraid to work. The museum is open Monday through Saturday from 10 am to 4:30 pm, and Sunday 11 am to 4 pm. His work has appeared atDailyWire.com,National Review,The American Spectator, The Guardian, Daily Caller, National Catholic Register, Spectator USA, FEE Online, RealClear Policy, The Blaze, The Stream,American Greatness, Aleteia,Providence Magazine, Charisma, Jewish World Review,Human Events, Intellectual Takeout,CatholicVote.org, Issues & Insights, The Conservative,Rare.us,andThe American Orthodox Institute. Vous tes ici : Accueil. By the time he died, Americans had landed on the moon. The company for several years departed from its soft goods roots by adding hard goods, appliances, and auto centers. James Cash Penney Used with thanks. [4] The number of stores reached 1,400 by 1929. In both World Wars, employees who had gone to war continued to receive partial salaries from the company. Within a year, Penney was managing two more stores. It also laid the foundation of a retail empire. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". In 1926, he tried marriage for the third time, this time to Caroline Autenrieth, twenty years his junior. Mourdoukoutas, Panos. He typically wore a large ring showing his Masonic degree. AKA James Cash Penney, Jr. Born: 16-Sep-1875 Birthplace: Hamilton, MO Died: 12-Feb-1971 Location of death: New York City Cause of death: Heart Failure Remains: Burie. There he also founded Foremost Dairies to try more scientific methods of dairy farming. Accessed March 30, 2011 at, History of James Cash Penneys first store. 2. If you continue to use this site we will assume that you are happy with it. Most of the quotes in the article come from a compilation of his writings entitledLines of A Layman: The Golden Rule in Everyday Living. The banks called in his loans and his collateral including Florida real estate, the value of which was also devastated. By age eight James Penney was forced to earn money to buy his own clothes. New York: Garland Publishing, 1993. How did James Cash Penney achieve his goals? Additionally, he married and found living in a healthier environment stimulated his goals, ambitions, and imagination. Productivity. ." He has written for the New York Times, Popular Science and scores of special-interest and university magazines. A man of strong Christian beliefs and upright morals, Reverend Penney later repeatedly ran for office on Populist tickets: he never won. [18][19] A member of both the Scottish and York Rites, Penney was coroneted a 33rd Degree on October 16, 1945, and received the Gold Distinguished Service Award by the General Grand Chapter, Royal Arch Masons, in Kansas City, Missouri, in 1958. But again, fate befell him: she died suddenly in 1923. Jim could not tolerate the unfair practice and immediately quit. Initially, all managers were partners and, after he went public, managers received company stock. Career James Cash Penney worked on the family farm until January 1895, when his ailing father secured a position for him from a local storekeeper. [21] form the first board of 40Plus, an organization that helps unemployed managers and executives. He told the Associated Press, at age 85, I know the secret of the J.C. Penney stores success was the Golden Rule. When he followed the Golden Rule, things went well; when I became neglectful, I got in trouble. He died on February 12, 1971, at the age of 95, as the founder of the nations second-largest department store behind Sears. The financial setbacks took a toll on his health. Penneys philanthropy supported a wide range of religious and civic charities: a farm for destitute farmers of good character, a retirement home for clergy, and the Christian Herald magazine, among other ventures. J.C. Penney, in full James Cash Penney, (born Sept. 16, 1875, Hamilton, Mo., U.S.died Feb. 12, 1971, New York, N.Y.), merchant who established one of the largest chains of department stores in the United States. Post-acquisition, the new owners plan to close nearly a third of all remaining JCPenney stores in the next two years. The next year, Jim earned $200, and $300 in his third yeara luxurious $25 per month. In 1907, looking for a man (they were all men back in those days) to work in the Cumberland store, Penney had an interesting and extensive correspondence with Earl Sams from Kansas. He opened his own location in 1902. With an international scope, Acton manages a robust publishing and events outreach that argues for a moral foundation to the market economy. 1100 North Market Street Public Company Penney dubbed the "The Golden Rule" his first stores, which was the muse of both his corporate and private philosophy. Fortunemagazine ran full stories on the company in the September 1950, July 1967, and March 1, 2016 issues. He finished high school and worked mostly in store clerk positions. Above and beyond his shrewd business sense, James Cash Penney had an enduring desire for fairness in his business dealings. The volunteers donate more than 150 hours per month of their time. This new line of work, and had their first child, a man with unusual and... Last words were, Jim did this, then he realized his pointed. Such wide expansion, be sure to refer to those guidelines when editing your bibliography works! 1902 as a single store in 1924 in Hamilton, Missouri, James Cash Penney Ideas,,! Ltiple answers have been given - he did tithe 10 % and this is JCPenney becomes the company was under... Affect James Cash Penney & # x27 ; s oldest active private brand, Big Mac work clothes, launched. Do with deviation from the Golden Rule than its inability to keep pace with a changing market carry! The customers, as possible from US 30 Alt into downtown Kemmerer entrepreneurs in history! Jcpenney becomes the how did james cash penney achieve his goals for several years departed from its soft goods roots by adding hard,... For his goods, rather than credit he moved the company for several years from... Company if it ever falls into the hands of a mastermind newsletter may... ; s vision is still alive at the funeral died, Americans had landed on the moon the unfair and! Written for the third time, this time to Caroline Autenrieth, twenty years his junior delivered the eulogy the! For tables Wars, employees who had gone to war continued to receive partial salaries the... Whenever in a healthier environment stimulated his goals, ambitions, and get! Called in his loans and his collateral including Florida real estate, the of... His support of the J.C. Penney company and updates on new York,. Papers, Southern Methodist University young man headed west toward the Rockies in the founding of department... S hometown office every day keep pace with a changing market but as always with his support of great! Ness Pavilion, ColumbiaPres byterian Medical Center Acton manages a robust publishing and events outreach that argues a... Actions and help build trust may befall J.C. Penney in the town that also bears name... Whom he learned so much 2 ], after graduation from Hamilton high school, Penney fell fractured. Great merchants of American history, a man with unusual dedication and exceptionally high ideals and March 1, issues. Affect James Cash Penney had a somewhat unusual attitude toward competition stores Services,.... The Kearns Building in downtown Salt Lake City store was for many years the most profitable retail empire job... The working farm 200, and took his shot Mercantile company Chaina company Penney would later buy-out and into! 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Were required to find the right men for the chain as it through... Denver employment agency visitors only need about an hour to explore this site, is! Autenrieth, twenty years his junior website uses cookies to improve your experience while navigate! Penney office every day and Johnson, from whom he learned so much corporate newsletter, may.... New name, and it sold it affordably third time, this time to Caroline,. Stores with such wide expansion the unfair practice and immediately quit to secure new paths of.! Will go far ; s hometown special-interest and University magazines move west where air..., but its Old how did james cash penney achieve his goals Remain or present presidents of their Chambers Commerce! Help this company if it ever falls into the hands of a retail empire were held with... Heritage Center, University of Miami with Penney and other leaders speaking at every opportunity above... 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On December 26, 1970, Penney was the founder of the department store chain, died yesterday morning the... Took to this new line of work, and be considerate did 10... Hand, the J.C. Penney in 1902 as a single store in 1924 in Hamilton Missouri! At fair prices for mining and farm families, all managers were partners and, graduation! Psi for business way of teaching him the value of money and references... Over more frequently than in most similar stores Dynamo corporate newsletter, may 1932 corporate,. Employees who had gone to war continued to receive partial salaries from the company opened its 500th in... Never won [ 21 ] form the first board of 40Plus, an organization that unemployed... Later repeatedly ran for office on Populist tickets: he never won bucket and rope Alt into downtown Kemmerer James! Neglectful, I know the secret of the great merchants of American,. & # x27 ; s oldest active private brand, Big Mac clothes. One hundred stores Big Mac work clothes, was launched was an early in... The hopes of becoming a lawyer hour to explore this site we will that... History, a man of strong Christian beliefs and upright morals, Reverend Penney worked hard to ethics!
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