This article is about the man. For the store he founded, see J.C. Penney. James Cash Penney (born September 16, 1875 in Hamilton, Missouri, USA - died February 12, 1971 in New York City, USA) was a businessman and entrepreneur. In 1902, he founded the J.C. Penney stores. After graduating high school in Hamilton, Penney went to work for a local dry goods merchant, then continued in that line of work after moving to Colorado for health reasons. In 1898, he began working in a small chain called the Golden Rule stores, and in 1902, the owners, Guy Johnson and Thomas Callahan, offered him a one-third partnership in a new store he would open. He invested $2000 and moved to Kemmerer, Wyoming to open a store there. He participated in opening two more stores, and when Callahan and Johnson dissolved their partnership in 1907, they offered him the opportunity to purchase full interest in three stores, which he did, and then opened more Golden Rule Stores. By 1912, there were 34 stores in the Rocky Mountain States. In 1913, he incorporated the J. C. Penney Company and the Golden Rule name was phased out. In 1916, he began to expand the chain east of the Mississippi and during the 1920s, the Penneys stores expanded nationwide, with 120 stores in 1920 (mostly still in the west) and 1400 stores by 1929. Penney relinquished daily operating management of the company in 1917 to a trusted colleague, Earl Corder Sams, but remained as chairman of the board until 1946, and after that as honorary chairman until his death in 1971. Quotes "When this business was founded, it sought to win public confidence through service, for it was my conviction then, as it is now, that nothing else than right service to the public results in mutual understanding and satisfaction between customer and merchant. It was for this reason that our business was founded upon the eternal principle of the Golden Rule." "A merchant who approaches business with the idea of serving the public well, has nothing to fear from the competition." "Business is no longer a matter of profits alone. Profits must come through public confidence, and public confidence is given to any merchant in proportion to the service which he gives to the public." "The friendly smile, the word of greeting, are certainly something fleeting and seemingly insubstantial. You can’t take them with you. But they work for good beyond your power to measure their influence." "Give me a stock clerk with a goal and I'll give you a man who will make history. Give me a man with no goals and I'll give you a stock clerk." Search Term: "J._C._Penney" Categories: People from Missouri | Businesspeople | Retailing magnates | American Freemasons | 1875 births | 1971 deaths