RETAIL TRADE: Sentimental Journey

When J. C. (for James Cash) Penney started out in 1902 in the small mining town of Kemmerer, Wyo., he had one store, a $2,000 stake in it (most of it borrowed), and high hopes for his new, cash-on-the-barrelhead business. Last week 75-year-old Jim Penney, founder of the 1,612-store J. C. Penney Co. chain (TIME, June 20, 1949), third largest general merchandise retail business in the U.S., made a sentimental journey back to Wyoming for his first store's 49th anniversary.

After reminiscent greetings and handshakes, Jim Penney went right to work at...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!