F.W. Woolworth Company
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Template:Infobox Company The F. W. Woolworth Company (often referred to as "Woolworth's") was a retail company that was one of the original five-and-ten-cent stores. The first Woolworth's store was founded in 1878 by Frank Winfield Woolworth. Despite growing to be one of the largest retail chains in the world, the company suffered throughout the 1980s. In 1997, it closed the remaining retail stores operating under the "Woolworth's" brand name and changed its corporate name. The company now survives as Foot Locker Inc (Template:NYSE) (formerly Z), a United States company specialising in athletic footwear and clothing.
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F. W. Woolworth
Image:WoolworthsSelfService.jpg The F.W. Woolworth Co. was among the first five-and-ten-cent stores, which sold discounted general merchandise at fixed prices, usually five or ten cents, undercutting the prices of local merchants. It was also one of the first stores to put merchandise out for the shopping public to handle, select, and purchase. In earlier shops, merchandise was kept behind the counter and customers presented the clerk with a list of items they wished to buy.
After working in a dry goods store in Watertown, New York, Frank Winfield Woolworth opened his first “Woolworth’s” store in Utica, New York in 1878. That store failed within a year. He opened a second store on June 21, 1879 in Lancaster, Pennsylvania. This store became a success. Frank Woolworth brought his brother Charles Sumner Woolworth into the business and together they, and others, began to open more stores. The stores were often opened in partnership with other businesspeople. The Woolworths also entered into partnerships with “friendly rivals”, who operated independently but co-operated in order to maximize their purchasing power for their inventories.
In 1910, Frank Woolworth commissioned the construction of the Woolworth Building in New York City. The building was completed in 1913 and was, at the time, the highest building in the world. It served as the company’s headquarters until the F.W. Woolworth Company’s successor, the Venator Group, sold it to the Witkoff Group for $155 million.
By 1911, there were six chains of affiliated stores operating in the United States and Canada. That year, Frank and Charles incorporated the F. W. Woolworth Company and through a merger brought all the stores together under one corporate entity.
The stores eventually incorporated lunch counters and served as general gathering places, a precursor to the modern shopping mall food court. A Woolworth’s lunch counter in Greensboro, North Carolina became the setting for a significant event during the civil rights movement (see below).
The Woolworth’s concept was widely copied, and five-and-ten-cent stores (also known as five-and-dime stores) were a fixture in American downtowns through the 1960's, and became anchors for suburban strip malls by the mid 1970's. The criticisms that the five-and-dime stores drove local merchants out of business would repeat themselves in the early 21st century, when big box discount stores became popular. However, many five and dime stores were locally owned or franchised, as are dollar stores today.
In the 1960s, the five-and-dime concept evolved into the larger discount store. In 1962, Woolworths founded a discount chain called “Woolco”. This was the same year as its competitors opened similar “discount” chains: the S.S. Kresge Co. opened Kmart; Dayton Company opened Target; and Sam Walton opened his first Wal-Mart.
By Woolworth’s 100th anniversary in 1979, it had become the largest department store chain in the world, according to the Guiness Book of World Records. The Company began to open a number of other retail chains, most notably Kinney Shoe, Northern Reflections apparel shops and Best Of Times, a watch and clock chain, and Foot Locker.
However, the Woolworth department stores had moved away from its five-and-dime roots. It was unable to compete with other chains that had usurped its market share. While successful in Canada, the Woolco chain closed in the United States in 1983. Woolco survived in Canada until 1994, when the majority of the stores there were sold to Wal-Mart. The locations that were not purchased by Wal-Mart were converted to discount stores called “The Bargain Shop”. On July 17, 1997, Woolworths closed its remaining department stores in the US and changed its corporate name to Venator. Analysts at the time cited the lower prices of the big discount stores and the expansion of grocery stores to carry most of the items five-and-ten-cent stores carried as factors in the stores' lack of success in the late 20th century. In that same year Wal-Mart replaced Woolworth on the Dow Jones Industrial Average.
Transition to Foot Locker, Inc.
In 1999, Venator moved out of the Woolworth building to offices on 34th Street. On October 20, 2001, the company changed names again; this time, it took the name of its top retail performer and became Foot Locker, Inc., with specialization in athletic clothing and footwear.
Boycotts
On February 1, 1960, four African-American students sat down at a segregated lunch counter in Greensboro, North Carolina Woolworth's store. They were refused service, touching off six months of sit-ins and economic boycotts that were a landmark of the US civil rights movement. In 1993, the lunch counter was donated to the Smithsonian Institution.
Note that this segregation was due to local laws and customs of the time, not company policy of F.W. Woolworth's. Woolworth lunch counters in the North were never segregated.
International users of the Woolworths name
Image:Woolworths shop frontage.jpg See: Woolworth's
