Tidbits of Bismarck, Volume 2, Issue 16

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of Bismarck April 15, 2015

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Volume 2, Issue 16

Enterprise Publications, LLC

For Advertising Information Call: (701) 391-2076

1929 N Washington St. • Suite X • Bismarck, ND

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TIDBITS® LOOKS AT MORE

FAMOUS RETAILERS

PART 2 by Kathy Wolfe This week, Tidbits continues its examination of the history of some famous retailers. • Missouri native James Cash Penney moved to the drier climate of Colorado on his doctor’s advice, as he was susceptible to tuberculosis. In 1898, he found work in a dry goods store called Golden Rule, and proved his worth in a short time. The owners asked Penney to partner with them in opening a new store in Kemmerer, Wyoming, and J.C. Penney opened the store in 1902. He bought out his partners in 1907, and in 1913, changed the chain to the J.C. Penney Company. Just four short years later, there were 175 Penney’s in 22 states. • J.C. Penney lost nearly all his personal wealth in the 1929 stock market crash, but borrowed against his life insurance policies to make payroll until he could recover the company. By 1941, there were 1,600 stores in all 48 states. Penney’s introduced their own credit card in 1959. At their peak in 1973, the company operated 2,053 stores. Today, that number is 1,107. The original “mother store” in Kemmerer is still in operation, and has been declared a National Historic Landmark.

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• The J.C. Penney Company motto was, “Honor, Confidence, Service, and Cooperation.”

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• J.C. Penney built Anchorage, Alaska’s first 212 North 4th Street public • Bismarck,parking ND 58501 garage in 1968, following the destruction of their store in the 1964 earthquake 701-250-3220 • 800-711-7394 there. cell: 701-471-1807 • fax: 701-258-5400 Turn the page for more!

1720 S. 12th Street Bismarck, ND 58504

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In

wayne.papke@investmentcenters.com

M ad e

Wayne Papke Financial Advisor, Financial Planning Specialist


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