J.C. Penney
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| JCPenney | |
| Public | |
| Traded as | : JCP S&P 400 Component |
| Industry | Retail |
| Founded | April 14, 1902 Kemmerer, Wyoming, U.S. |
| Founders | James Cash Penney |
| Headquarters | 6501 Legacy Drive, Plano, Texas, United States |
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Number of locations
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1,014 (Q3 2016) |
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Area served
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Nationwide |
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Key people
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| Products |
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| Website | www |
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Footnotes / references |
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The J. C. Penney Company, doing business as JCPenney, is a department store with 1,014 locations in 49 U.S. states and Puerto Rico. In addition to selling conventional merchandise, JCPenney stores often house several leased departments such as Sephora, Seattle's Best Coffee, salons, optical centers, portrait studios, and jewelry repair.
Most JCPenney stores are located in suburban shopping malls. Before 1966, most of its stores were located in downtown areas. As shopping malls became more popular during the latter half of the 20th century, JCPenney followed the trend by relocating and developing stores to anchor the malls. In more recent years, the chain has continued to follow consumer traffic, echoing the retailing trend of opening some freestanding stores, including some next door to competitors. Certain stores are located in power centers. The company has been an Internet retailer since 1998. It has streamlined its catalog and distribution while undergoing renovation improvements at store level.
James Cash Penney was born in Hamilton, Missouri. After graduating from high school, Penney worked for a local retailer. He relocated to Colorado at the advice of a doctor, hoping that a better climate would improve his health. In 1898, Penney went to work for Thomas Callahan and Guy Johnson, who owned dry goods stores called Golden Rule stores in Colorado and Wyoming. In 1899, Callahan sent Penney to Evanston, Wyoming, to work with Johnson in another Golden Rule store. Callahan and Johnson asked Penney to join them in opening a new Golden Rule store. Using money from savings and a loan, Penney joined the partnership and moved with his wife and infant son to Kemmerer, Wyoming, to start his own store. Penney opened the store on April 14, 1902. He participated in the creation of two more stores, and purchased full interest in all three locations when Callahan and Johnson dissolved their partnership in 1907. In 1909, Penney moved his company headquarters to Salt Lake City, Utah to be closer to banks and railroads. By 1912, Penney had 34 stores in the Rocky Mountain States. In 1913, all stores were consolidated under the J.C. Penney banner. The so-called "mother store", in Kemmerer, opened as the chain's second location in 1904. It still operates, as of 2011, albeit with shorter hours than many other locations.
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