J. C. PENNEY'S

James Cash Penney founded a small dry goods store in 1902 in a 900-member mining town in Wyoming. Penney practiced a retail philosophy that was customer-driven. He is also credited with being one of the first to set prices and not barter with customers. Penney's gained a reputation of providing quality merchandise at low prices. In the 1920s, Penney openedchain storesthroughout the country. In 1954, James Cash Penney was the recipient of the Tobe award, the highest honor given by the National Retail Dry Goods Association. In 1962, Penney was the first Americanretailerto purchase merchandise from a new cutting-edge designer namedMary Quantof Great Britain. J. C. Penney's launched itscatalogin 1963 and together withSears,Roebuck and Co. andMontgomery Wardsbrought soft goods as well as hard goods to millions of Americans who did not live in close proximity to any majordepartment store. James Cash Penney died in 1971. In 2005, J. C. Penney's had sales of $18.7 billion. It is aggressively marketing to Middle America withlifestylecategories that address consumer needs. In 2007, Penney's will expand its traditional lifestyle area with the addition of Liz & Co. byLiz Claiborne. Penney's also recognizes the benefit of offmall locations, dedicating 90 percent of its expansion in the upcoming few years to this category.

See alsoMass market.