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J.C. Penney's journey from 1 store to 1,100

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[November 17, 2012]  NEW YORK (AP) -- A look at J.C. Penney's milestones:

  • 1902: James Cash Penney, son of a Baptist preacher and farmer, opens The Golden Rule, a dry goods and clothing store in Kemmerer, Wyoming. The name was based on his guiding principle of building a business through serving the community with fair dealing and honest value.

  • 1913: Incorporated in Utah as the J.C. Penney Co. Inc. and the Golden Rule name was phased out.

  • 1914: Headquarters moves from Salt Lake City, Utah, to New York City.

  • 1929: Begins selling shares as a publicly traded company.

  • 1951: Store sales exceed $1 billion for the first time.

  • 1963: Issues its first catalog.

  • 1971: James Cash Penney dies at age 95.

  • 1972: Launches first national television.

  • 1979: Catalog sales pass $1 billion for the first time.

  • 1992: Headquarters moves to Plano, Texas

  • 1994: Launches, its online store.

  • 2005: Penney's e-commerce business surpasses $1 billion in sales.

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  • 2009: Opens its first store in Manhattan.

  • 2010: Becomes the exclusive retailer of Liz Claiborne and Claiborne in the U.S. and Puerto Rico. Exits catalog business. Introduces mobile coupons.

  • 2011: Ron Johnson, a former Apple executive, becomes CEO.

  • 2012: Implements a new pricing strategy that eliminates hundreds of coupons and sales in favor of everyday lower prices. Begins rolling out new shops in stores to turn the stores into mini-malls of sorts.

[Associated Press]

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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