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F.W. Woolworth was the first five-and-ten-cent store, which sold discounted general merchandise at fixed prices, usually five or ten cents, undercutting the prices of local merchants. It was also the first store to put merchandise out for the shopping public to handle, select, and purchase. In earlier shops, customers presented the clerk with a list of items to purchase which were all kept behind the counter. The stores eventually incorporated lunch counters and served as general gathering places, a precursor to the modern shopping mall food court.
The concept was widely copied, and five-and-ten-cent stores (also sometimes called five-and-dime stores) were a fixture in downtowns in America for the first half of the 20th century, and they anchored suburban strip malls in middle part of the 20th century. The criticisms that the five-and-dime stores drove local merchants out of business would repeat themselves a century later, when discount stores became popular.
On February 1, 1960, four African-American students sat down at a segregated lunch counter in Greensboro, North Carolina Woolworth's store. They were refused service, touching off six months of sit-ins and economic boycotts that were a landmark of the US civil rights movement. In 1993, the lunch counter was donated to the Smithsonian Institution.
In the 1960s, the five-and-dime concept evolved into the larger discount store. In 1962, the same year as competitors Kmart (whose Kresge stores competed with the F.W. Woolworth five-and-ten stores), TargetTarget Corporation is the second most successful discount retailer in the United States, behind Wal-Mart. Target has been more successful than competitor Kmart at differentiating itself from Wal-Mart with a more upscale image. In the past Target has opera, and Wal-MartWal-Mart Stores, Inc. is the world's largest retailer and the largest company in the world based on revenue. In the fiscal year ending January 31, 2004, Wal-Mart had $256. 3 billion in sales and $8. 9 billion in income. Forbes magazine points out that if, Woolworth founded a discount chain called Woolco. The Woolco chain closed in the United States in 1982Events January January 6 William Bonin is convicted of being the "freeway killer". January 8 AT&T agrees to divest itself of twenty-two subdivisions January 11 Mark Thatcher, son of the British Prime Minister Margaret Thatcher, disappears in the Sahara du. It was more successful in Canada, surviving until 19941994 is a common year starting on Saturday, and was designated the International year of the Family''. Events January events January 1 North American Free Trade Agreement (NAFTA) goes into effect January 6 Nancy Kerrigan is clubbed on the right leg by an, when the remaining 144 stores were sold to Wal-Mart.
The company also operated a number of other retail chains, including Foot Locker, Champs sporting goods, Kinney Shoe, and Northern Reflections apparel shops.
On July 17July 17 is the 198th day (199th in leap years) of the year in the Gregorian Calendar, with 167 days remaining. Events 180 Twelve inhabitants of Scillium in North Africa, executed for being Christians. This is the earliest record of Christianity in that pa, 19971997 was a common year starting on Wednesday (see link for calendar), and was designated the International Year of the Reef''. Events January January 3 NBC's Today Show Bryant Gumbel signs off for the last time January 8 Mister Rogers receives a star on t, Woolworth closed the remaining 400 of its F.W. Woolworth five-and-ten-cent stores. Analysts at the time cited the lower prices of the big discount stores and the expansion of grocery stores to carry most of the items five-and-ten-cent stores carried as factors in the stores' lack of success in the late 20th century. Ironically, in that same year Wal-Mart replaced Woolworth on the Dow Jones Industrial AverageThe Dow Jones Industrial Average DJIA is one of several stock market indices created by Wall Street Journal editor and Dow Jones & Company founder Charles Dow. Dow compiled the index as a way to gauge the performance of the industrial component of America.
Also in 1997 the company changed its name to Venator. On October 20October 20 is the 293rd day of the year (294th in leap years) in the Gregorian Calendar, with 72 days remaining. Events 1740 Maria Theresa takes the throne of Austria. France, Prussia, Bavaria and Saxony refuse to honour the Pragmatic Sanction and the War, 2001, the company changed names again; this time, it took the name of its top retail performer and became Foot Locker, Inc.