Woolworth
Woolworth is an American chain of popularly priced department stores. It was founded in 1879 by Frank Winfield Woolworth (1852-1919). After working as a salesman in a shop in Watertown (New York State), he decided to open his own business based on three principles: everything had to cost 5 cents, payment had to be in cash and the items had to be visible. Shortly afterwards, he opened a second business in Lancaster, Pennsylvania, where he also offered 10-cent items. The famous slogan “The five and dime department store” was born. By 1886 there were already seven shops on the East Coast. The financial success was such that, in 1913, Winfield had the Woolworth Building built on Broadway, a steel skyscraper that remained the tallest building in the world until 1930 (architect Cass Gilbert).
In Europe, many followed his lead: in France, Prisunic and Monoprix are sufficient; in Italy, Upim and Standa. Today it is part of the Venator Group Inc. which also includes other distribution chains such as Foot Locker (sneaker shops), Kinney shoes and Champs Sports (sports goods). The Group’s headquarters, however, remain in the legendary Woolworth Building.
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