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

[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 jcpenney.com, its online store.

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

• 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]

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