Research Paper

Laila Esquivel

Mr. Skipper

Encounters 7

March 5, 2022

J.C Penney: Every Day Matters

Introduction 

Millions of people shop at J.C Penney but few of them know the story behind the man who created this company. The founder’s name is James Cash Penney and he built one of the largest organizations worldwide with over eight hundred stores across the United States (Hoover). J.C Penney is mostly known as a retail store that sells a variety of products for home and personal use (Reese, Trout). Penney started his business journey in a one-room shop in a small town in Wyoming (Mclnnis). However, he was a pioneer in profit sharing and expanded his market by allowing others to become part owners of his retail chain (J.C Penney). His obstacles as a child and young adult helped him to continuously seek better opportunities and become a successful businessman. Penney became a significant entrepreneur by creating one of the most recognizable companies for people to shop at. 

Early Life

James Cash Penney was born on a farm in a small town in the state of Missouri on September 16, 1875. He had eleven siblings of which he was the seventh born (Reese, Trout). Even though he came from a large family, only six of the children grew to adulthood. Penney’s father, James Cash Penney, served as an unpaid preacher for a religious group known as the Primitive Baptists and was a farmer who had very strict discipline upon all of his children. He made Penney pay for his own clothing once he reached the age of eight. The reason was to teach him self-reliance and the value of money. On the other hand, his mom, Mary Frances Paxton Penney did not have any occupation and was a mom who stayed home to take care of her children. Eventually, as Penney got older, he graduated from Hamilton High School in 1893 but was unable to pay for higher education. A little after he graduated, his dad helped him by getting him a position to work as a clerk in a local dry goods and clothing store. He later worked at two different stores then bought a butcher shop but went bankrupt. He eventually became a junior partner of the Golden Rule store and that gave him the idea of having a chain of stores of his own. (“J.C Penney”). 

Beginning of Career

James Cash Penney was inspired by his father to start his career. His father guided him throughout his life by teaching Penney how to become independent and successful. He made young James earn his own money by raising and selling hogs to locals around his area to contribute to his family’s needs. He also worked at many retail stores which taught him the challenging things that are to come when working as a business owner. Later on, James’s dad, unfortunately, passed away but his father’s last words inspired and encouraged James to keep working hard to make his dad proud. When James was twenty-one, his family doctor noticed that he was getting tired easily and was risking getting tuberculosis. The doctor suggested that he should move where the air was drier and clearer. Once James arrived in Denver, he was hired to work at many more jobs but one of his new jobs made him realize that he wanted to start his own business so James bought a butcher shop near Longmont. The man who sold him the butcher shop told James that he could not hold on to his key customer unless he bought the man a whiskey bottle each week. James put up with the work for a while but then he realized his father would not be happy that he was getting bribed so he quit. Sadly the butcher shop failed and James lost all his savings which caused him to sit on the streets alone with nowhere to go. James had many obstacles to overcome as a young man but soon enough he proved to himself how successful he could be (Hoover).

Significant Accomplishments

Penney had many accomplishments. He did a great number of things to exponentially fulfill his goals and dreams. Once James moved to Colorado due to health problems, he was hired to work at a dry goods chain of stores named “The Golden Rule”. Penney showed dedication in his work which satisfied the owners of the store. The owners, Guy Johnson and Thomas Callahan were very impressed with Penney’s hard work so they offered him to become a partner in the new store that they were going to build. Penney accepted the offer and invested two thousand dollars. With that money, he moved to Kemmerer, Wyoming, and opened up the new store there. Over the years the owners loved his management and they provided him with full ownership of three more Golden Rule stores. In 1907, he took over ownership of all Golden Rule stores. He then changed the store’s name to J.C Penney Company but still continued to live by the Golden Rule. Penneys company ended up expanding nationwide and he had one thousand four hundred stores in twenty-nine states (Benson). By 1924, Penney's net worth was up to more than $1.5 million per year (What was James Cash Penney known for?). After a while of thinking, Penney decided to hand over daily operating management to his trusted partner, Earl Corder Sams, so that Penney could focus on the future of the company. In the mid-1920s Penney built a 120,000 acre farming community in Florida where farmers and their families could work together until they became independent once again. Penney had also opened a Memorial Home community for people who have retired and lay persons. Because of this, Penney was named Honorary Chairman of the Board which was a title he kept until his death (Benson). Penney mastered many of his goals and brought him to how famous he is now. People to this day still thank Penney for what he has created and all of the accomplishments he had. 

Impact on the World 

Penney had a significant impact on the world of business. He was a pioneer who introduced franchising opportunities by giving his employees stock and ownership. He was also dedicated to the education of his employees by offering free business training (Benson). His business philosophy was simple: “find good employees, train them well, and sell quality goods at a small markup in order to keep prices down.” Through this, he provided a model for others to follow. Sam Walton, the founder of Walmart put a copy of Penney's motto above his desk; “Serve the public…to its ultimate satisfaction.” Penney spent more than 4 decades as the CEO of his company. “He began his career in an era where cars were still rare on American streets, and ran the company through 3 wars and the Great Depression.” His impact on the American economy is still visible today. Since its beginnings in 1902 in the small town of Wyoming, J.C Penney has now been in existence for 120 years and is recognized as one of the most well known stores worldwide (Mclnnis). Not only did James Cash Penney provide a chain of stores where citizens can find their household goods, but he also provided employment to thousands of people and the opportunity of business ownership to those that sought to advance in the business world. 

Lessons Learned From Their Life

James Cash Penney possessed many personality traits that made him significant. He was a lifelong Christian who put his faith and trust into action to assist a great number of people. Penney was a believer in education and he proved that by providing an opportunity for his employees to become knowledgeable in finances and building a business. He empowered his employees by teaching them the value of perseverance and going after their dreams. He also contributed to the Christian community, something that was very important to him to honor his father’s profession of being a pastor and farmer. By building a farming community and Memorial Home, he impacted many people by providing a way to support themselves financially and have a nice and comfortable place to live during retirement (Benson). His most significant achievement was the legacy he built through his company. For more than a century, J.C Penney had been a go-to store for families and has given jobs to millions of people. Throughout his life, Penney taught many individuals the importance of hard work and striving for their goals. James Cash Penney is someone people should make an effort to be like to accomplish their many dreams.

Works Cited

Benson, Kit and Morgan. “James Cash Penney Jr.” Find a Grave https://www.findagrave.com/memorial/803/james-cash-penney,  Accessed 26 Jan. 2022

Hoover, Gary. ¨J. C. Penney, the Man: A Life of Perpetual Sharing.¨ Archbridge

Institute, 7 Dec 2017, www.archbridgeinstitute.org/2017/12/07/j-c-penney-the-man-a-life-of-perpetual-sharing/. Accessed 8 Dec. 2021.

“J.C Penney.” Your Dictionary, biography.yourdictionary.com/j-c-penney. Accessed 8 Dec. 2021.

Mclnnis, Doug. “James Cash Penney: From Clerk to Chain-store Tycoon.” WyoHistory.org, 8 Nov. 2014, www.wyohistory.org/encyclopedia/james-cash-penney-clerk-chain-store-tycoon. 11 Nov. 2021.

Reese, Alice Anna and Carlynn Trout. “J.C Penney.” Historic Missourians, historicmissourians.shsmo.org/jc-penney. Accessed 2 Dec. 2021.

“What was James Cash Penney known for?” Academic Tips, 11 Mar. 2020, academic.tips/question/what-was-james-cash-penney-known-for/. Accessed 26 Jan. 2022.