Why Is Jcpenney Successful

The J.C. Penney company is one of the largest retail stores in America selling a variety of products. It was founded by James Cash Penney who believed that a store should be ran completely on honesty and deep respect for the customer (J.C. Penney 1875-1971). J.C. Penney turned an idea and a dream into one of the most successful stores in America. He did so even though he was born in to a relatively poor family. James Cash Penney was born on September 16th, 1875 on a farm near Hamilton, Missouri. His parents raised him and his 12 siblings to believe that self-reliance, self-discipline, honor and education were keys to a successful life (J.C. Penney 1875-1971). Although his parents valued a good education, nor the family or Penney himself could

Penney did not want to have a chain of stores, but rather a chain of good men and Penney always hired people he thought were honest and hardworking like himself ( J.C. Penney 1875-1971). In 1912, the Golden Rule store had sales of over $2 million and in 1913 the name of the store changed to the “J.C. Penney Company” (J.C. Penney 1875-1971). By this time the J.C. Penney company had 48 stores and Penney moved the headquarters to New York City in 1914 ( J.C. Penney Facts). Penney ran the company under two ideas, one was the company motto which was “ Honor, Confidence, Service and Cooperation” and the other was smart advertising with good treatment of customers and good products at affordable prices would make a business successful (J.C. Penney 1875-1971). By the time J.C Penney stepped down as president of the company in 1917 and became chairman of the board of directors, there were nearly 200 J.C. Penney's in America (J.C. Penney Facts). His 500th store was open in 1924 and he opened it in his hometown of Hamilton, Missouri ( J.C. Penney 1875-1971). The company continued to grow even during the great depression and by 1932, there were 1,473 J.C. Penney's. However, even though the amount of stores increased during the great depression, Penney lost almost his entire $40 million since some of the banks he had taken out loans on foreclosed ( James Cash Penney). By age 56 in 1931, he was $7 million in debt, but Penney made up for the loss by going back to work more and

Penney was not only involved in the J.C. Penney company but, he was also involved in many other activities outside the company. He built a retirement home for ministers in Florida and he underwote vocational guidance programs on the radio ( James Cash Penney). In the 1920s Penney bought the Emmadine Farm in New York and established a pure bread Guernsey herd there and also purchased his father's farm near Hamilton ( J.C. Penney 1875-1971). In 1954 Penney set up the J.C. Penney Foundation which supports organizations that address important issues like community renewal, the environment and world peace (J.C. Penney 1875-1971). Even though Penney had a net worth in the millions throughout a large part of his life in the J.C. Penney company, he rode the bus to work when he lived in New York and regularly visited company stores and even worked behind the counter to help customers ( J.C. Penney). He also became a speaker at various colleges and was awarded many honorary degrees and wrote books about running a business by ethical princiapls (J.C. Penney 1875-1971). Penney was also a religious man and became a born again christian and reached the 33rd degree of Freemasonry on October 16th, 1945 (J.C.