In 1902, 26-year-old invested his life savings of $500 and borrowed another $1,500 to open his first dry goods shop in Kemmerer, Wyoming . Unlike local mining company stores that relied on expensive credit and scrip, Penney insisted on a "cash-only" policy to keep prices fair for the miners and ranchers. He named the store " The Golden Rule " , posting the motto "Do unto others as you would have them do unto you" above the door to signify his commitment to honest dealing. 2. Rapid Expansion and Personal Crisis (1907–1913)
: In 2012, a failed attempt to eliminate coupons and sales under a "Fair and Square" pricing model led to a nearly $1 billion loss and a massive exodus of loyal customers. jc penny
: Launched the first national J.C. Penney catalog in 1963 , which became an iconic part of many households. In 1902, 26-year-old invested his life savings of
: Penney lost much of his personal wealth in the 1929 stock market crash but kept the company afloat by borrowing against his own life insurance to meet payroll. Penney catalog in 1963 , which became an
The brand's later years were marked by drastic strategic shifts and external pressures.