Frank Winfield Woolworth Was Born In 1852. He Was An American Merchant And Was A Pioneer In Retailing Methods. He Established T
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| Term Paper Title | Frank Winfield Woolworth Was Born In 1852. He Was An American Merchant And Was A Pioneer In Retailing Methods. He Established T |
| # of Words | 370 |
| # of Pages (250 words per page double spaced) | 1.48 |
Frank Winfield Woolworth was born in 1852. He was an American merchant and was a pioneer in retailing methods. He established the great chain of "five-and-ten-cent" stores, which bear his name. Frank was born to a poor family in upstate New York. He began his career by clerking in a general store in the local market center. He started a small store in Utica in 1879, but it soon failed.
By 1881, Woolworth had 2 successful stores in Pennsylvania. By adding 10-cent items, Frank was able to increase his inventory greatly and 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.
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 undertook the purchasing for the entire chain.
A major breakthrough came when he decided to st
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