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Frank Winfield Woolworth

Frank Winfield Woolworth

Frank Winfield Woolworth (1852-1919), American merchant, was a pioneer in retailing methods. He established the great chain of "five-and-ten-cent" stores which bear his name.

Born to a poor farm family in upstate New York, F. W. Woolworth began his career by clerking in a general store in the local market center. Impressed with the success of a five-cent clearance sale, he conceived the novel idea of establishing a store to sell a variety of items in volume at that price. With $300 in inventory advanced to him by his employer, Woolworth started a small store in Utica in 1879, but it soon failed. By 1881, however, Woolworth had two successful stores operating in Pennsylvania. By adding ten-cent items, he was able to increase his inventory greatly and thereby acquired a unique institutional status most important for the success of his stores.

The growth of Woolworth's chain was rapid. Capital for new stores came partly from the profits of those already in operation and partly from investment by partners whom Woolworth installed as managers of the new units. Initially, many of the partners were Woolworth's relatives and colleagues.

Convinced that the most important factor in ensuring the success of the chain was increasing the variety of goods offered, Woolworth in 1886 moved to Brooklyn, New York, to be near wholesale suppliers. He also undertook the purchasing for the entire chain. A major breakthrough came when he decided to stock candy and was able to bypass wholesalers and deal directly with manufacturers. Aware of the importance of the presentation of goods, Woolworth took the responsibility for planning window and counter displays for the whole chain and devised the familiar red store front which became its institutional hallmark.

The success of the chain between 1890 and 1910 was phenomenal. The company had 631 outlets doing a business of $60,558,000 annually by 1912. In that year Woolworth merged with five of his leading competitors, forming a corporation capitalized at $65 million. The next year, at a cost of $13.5 million, he built the Woolworth Building in downtown New York, the tallest skyscraper in the world at the time.

By 1915 Woolworth spent much of his time in Europe. When he died in 1919, the F. W. Woolworth Company, with over 1,000 stores, was perhaps the most successful retail enterprise in the world.

Further Reading

The fullest source of information on Woolworth is the partially fictionalized biography by John K. Winkler, Five and Ten: TheFabulous Life of F. W. Woolworth (1940). Other accounts of Woolworth and of the company are in Godfrey M. Lebhar, Chain Stores in America (1952; 3d ed. 1963); the Woolworth Company, Woolworth's First 75 Years (1954); Tom Mahoney, The Great Merchants (1955; new ed. 1966); and Robert C. Kirkwood, The Woolworth Story at Home and Abroad (1960). □

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Woolworth, Frank Winfield

Frank Winfield Woolworth, 1852–1919, American merchant, b. Rodman, N.Y. He established in 1879 a five-cent store at Utica, N.Y., which failed, and the same year he started a successful five-and-ten-cent store at Lancaster, Pa. Woolworth opened many others and soon extended business throughout the United States and to several foreign countries. In 1911 the F. W. Woolworth Company was incorporated with ownership of over 1,000 five-and-tens, and he became director of various financial firms. (The last Woolworth stores were closed in 1998.) Woolworth had the Woolworth Building erected in New York City in 1913, the highest building in the world (792 ft/241.4 m) at that time.

See J. K. Winkler, Five and Ten (1940, repr. 1970); J. P. Nichols, Skyline Queen and the Merchant Prince (1973); K. Plunkett-Powell, Remembering Woolworth's (1999).

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"Woolworth, Frank Winfield." The Columbia Encyclopedia, 6th ed.. . Encyclopedia.com. 17 Oct. 2017 <http://www.encyclopedia.com>.

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"Woolworth, Frank Winfield." The Columbia Encyclopedia, 6th ed.. . Retrieved October 17, 2017 from Encyclopedia.com: http://www.encyclopedia.com/reference/encyclopedias-almanacs-transcripts-and-maps/woolworth-frank-winfield

Woolworth, Frank Winfield

Woolworth, Frank Winfield (1862–1919) US businessman. In 1879 he opened his first shop in Utica, New York. The Woolwoth Building (1913), New York, was the world's largest building, 241m (792ft). By the time of his death, Woolworths was a chain of over 1,000 stores in the USA and abroad.

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