| (1852
- 1919) |
| Inducted: |
1995 |
| Region: |
Northeast |
| Industry: |
Retail
|
|
At the age of 21, Frank Woolworth became an unpaid apprentice at the Corner Store in Watertown, New York. Five years later the storeowner asked Woolworth to set out a table of 5-cent items as a promotion to bring people into the store. It was so successful that Woolworth borrowed $315 and opened a store selling items for 5 cents. Woolworth sold 31% of his stock on the first day. He raised the price limit to 10 cents, enabling him to expand the range of merchandise. He was the first retailer to put all his wares on counters where shoppers could touch them. Frank Woolworth’s had changed retailing forever. When he died in 1919, he had more than 1,000 stores, with annual sales of $120 million. |
