In 1902, its first year, the store cleared $8,000 on sales of more than $28,000. Encyclopedia.com. More than 100 years later, the companys Winning Together Principles were guiding employees at all levels, perpetuating a principle-centered business with values that extend far beyond the basic task of generating profits. A believer in learning and experimentation, he started Penney Farms in Northern Florida, a massive 120,000-acre effort to try new experimental farming methods. First day's sales were a gratifying $466.59. It shifted from its small-town Western base into a major national retailer as an anchor in malls from coast to coast. He suggested Jim move west where the air was clearer and drier. For a while, Jim did this, then he realized his father would have never put up with the bribery. Managers mentored and nourished each other. He finished high school and worked mostly in store clerk positions. rocking camp chair costco; clubs on delaware ave in the 90s; storage wars cast dies Belk Stores Services, Inc. In 1971, when James Cash Penney died at age ninety-five, the annual sales of the J. C. Penney company were $16 billion, second only among non-food retailers to then giant Sears, Roebuck. Department store JCPenney was founded in Wyoming on April 14, 1902 by James Cash Penney. (704) 377-4251 The best of James Cash Penney Quotes, as voted by Quotefancy readers. Gale Encyclopedia of U.S. Economic History. He bought a mansion near Miami Beach, on Biscayne Bay, replete with the icon of wealth of the day, a pipe organ. They offered him a one-third partnership in the new store if he would run it, and further said theyd loan him the money. Penney and partner Ralph W. Gwinn had invested heavily in Florida real estate including 120,000 acres (490km2) in Clay County. The 5 Big Mistakes That Led to Ron Johnson's Ouster at JC Penney. All rights reserved. (513) 860-8000 He increasingly realized that he wanted to own his own store. It is reported that he had tithed up to 30% and at the end of his life he was tithing 90% - but no records of this. The boy was one of twelve children, only six of whom survived to adulthood. In a land far from home, he was on the street, alone. Hamilton High School in Hamilton, Missouri was renamed Penney High School. how did james cash penney achieve his goals. J.C. Penney had his chain of department stores on auto-pilot and cash-flowing nicely during the boom of the Roaring 20's. It was the quintessential American dream fulfilled. He dusted the floor between customersup to ten or eleven times a day. But he also found and developed new, younger partners, always loaning them enough to own one-third of their own stores if needed in order to make sure they had an investment in their stores and shared in any success achieved. Fortunemagazine ran full stories on the company in the September 1950, July 1967, and March 1, 2016 issues. 2. U.S.A. Five years later Penney bought out his partners shares and launched the beginning of what became the J.C. Penney Co. As each new store opened, Penney offered a profit-sharing plan to its manager. Golden Rule prices were often 2550% below those of other merchants, but the stores always offered good, dependable quality merchandise and the latest fashions. U.S.A. (February 23, 2023). By the 1920s, J. C. Penney was worth perhaps $40 million, over $500 million today. However, his father's untimely death forced a change in plans, and Penney was forced to take a job as a store clerk to help support the family. As a result of the stores success, the Callahans lived in one of the nicest homes in town. Detroit: The Gale Group, 1998, s.v. By age eight James Penney was forced to earn money to buy his own clothes. He died on February 12, 1971, at the age of 95, as the founder of the nation's second-largest department store behind Sears. I can do nothing for myself! He said that he felt the Lord tell him, Only believe. His spirit, health, and fortunes rebounded. The Penney Family Fund endows organizations in Oregon, California, and Washington state that work to advance human rights, community social, political, economic empowerment, government accountability, and environmental sustainability. Penneys Tuberculosis illness caused him to venture west to Longmont, Colorado. Penney's store was successful because his customers liked the merchandise and good service. Mourdoukoutas, Panos. Those who drank liquor or used tobacco were out. With letters of recommendation in hand, the young man headed west toward the Rockies in the summer of 1897. . Tichy, Noel. Gradually, training courses and an internal company magazine,The Dynamo, were established. J.C. Penney. These cookies will be stored in your browser only with your consent. The financial setbacks took a toll on his health. The stores traded in dry goods grain, flour, beans; anything that wouldn't spoil. Penneys store was successful because his customers liked the merchandise and good service. Penneys business philosophy was simple find good employees, train them well, and sell quality goods at a small markup in order to keep prices down. The company grew so big that a headquarters was requiredfirst in Salt Lake City, then in New York Cityto be closer to suppliers. When did James Cash Penney start his business? Penney dealt with this loss more calmly than the first time he was widowed, having come to regard his few years with her as a treasure. Curry, Mary E. Creating an American Institution: The Merchandising Genius of J.C. Penney. Gale Encyclopedia of U.S. Economic History. "Henry Simler, 78, Is Dead on Coast", United Nations Technical Mission at Delhi, "J. C. Penney of Store Chain Dies; Built Business on 'Golden Rule', "J. C. Penney Papers A Guide to the Collection", "J.C. Penney Family and Philanthropies", "An American original, Sam Walton embodies the entrepreneurial spirit and epitomizes the American Dream", "Mrs. J.C. Penney Badly Hurt as Horse Trips; Thrown While Riding on Westchester Estate", "J. C. PENNEY JR.; Son of Merchant Had Introduced Gliding in This Country", "Caroline A. Penney, A Philanthropist, 96", "Mary Frances Wagley, dedicated educator and the first woman to join the MIT Corporation, dies at 93", "MISS MARY PENNEY WED TO PHYSICIAN; Daughter of Stores' Founder Bride of Philip F. Wagley in Christ Episcopal, Rye", "Carol Penney Guyer, 72; Philanthropist, Daughter of Retailer", "500 HONOR PENNEY ON 80TH BIRTHDAY; Attend Lawn Party at Home of Merchant Hoover and Baruch Send Messages", "J. C. Penney's Estate Is Estimated at $35Million", "Wasatch Lodge #1 F&AM - Freemasons of Salt Lake City, Utah James "JC" Penny", "Barnes, Alfred Edward, (3 June 188123 Oct. 1956)", "Penney Family Fund profile at Common Counsel Foundation website", "National Association of Extension 4-H Agents", http://chevychasehistory.pastperfectonline.com/archive/EE2BD7B9-1AEA-49DE-9C73-166308492710, "Two American Entrepreneurs: Madam C. J. Walker and J.C. Penney", https://en.wikipedia.org/w/index.php?title=James_Cash_Penney&oldid=1134479391, The J. C. Penney Conference Center at the. Incorporated: 1923 These cookies track visitors across websites and collect information to provide customized ads. He tithed out of his belief that a mans duty was to support the church with money in addition to living in a conscientious and upright manner.. A leader is one who knows the way, goes the way, and shows the way. Perhaps, when all the dust settles, J. C. Penney the company will go on to another 115 years of life. 27 per month. Johnson decided to remake the company into a new form of department store. He feared it would cause customers to buy things they didnt need. James Cash Penney is an American businessman and entrepreneur who was born in Hamilton, Missouri. He returned to Kemmerer each year to honor his and the companys humble beginnings. On the same property, he opened retirement apartments made available to retired preachers and missionaries free of charge. Today, the company operates fewer stores about 1,100 but they tend to be much larger than the old Main Street outlets. Penneys greatest passion, outside Christianity, was his desire to help Americas farmers, whom he had long understood and empathized with. Callahan. Incorpor, J. F. Drake State Technical College: Narrative Description, J. F. Drake State Technical College: Tabular Data, J. J. Thomson, the Discovery of the Electron, and the Study of Atomic Structure, J. Sargeant Reynolds Community College: Narrative Description, J. Sargeant Reynolds Community College: Tabular Data, https://www.encyclopedia.com/history/encyclopedias-almanacs-transcripts-and-maps/penney-james-cash. The man who sold him the butcher shop said he could hold onto this key customer as long as he bought the hotel manager a bottle of whiskey each week. Penney had hoped to attend college when he graduated from high school in 1893, but his parents could not afford to send him. James Cash Penney Self, Giving, Effort 18 Copy quote A merchant who approaches business with the idea of serving the public well has nothing to fear from the competition. Self is forgotten by the one who serves, for such a one rejoices to see success coming to others through his or her efforts. Either case is a failure of leadership. The Acton Institute produces a diverse set of publications including a quarterly magazine, a peer-reviewed journal, books, and much more to inform and educate readers about the relationship between individual liberty and religious principles, which promote and sustain the free and virtuous society. Penney was born in 1875 on a farm near Hamilton,. The company opened its 500th store in 1924 in Hamilton, Missouri, James Cash Penney's hometown. WyoHistory.org welcomes the support of the following sponsors. Even in 1927, when the company ceased operating as a partnership and sold its stock publicly, managers were given stock in the company, and eventually all employees were included in profit-sharing plans. JCPenney is starting the new year with a post-Chapter 11 restart, new owners, new financing and soon will have a new CEO. Jim was relentless. See also: Chain Store, Mail-Order House, Retail Industry. They added two daughters to the family. Many innovative and unusual employee benefits and insurance were introduced. His father, a farmer, served as an unpaid preacher for a fundamentalist sect known as Primitive Baptists. By selling dry goods, notions, shoes, and clothing at fair prices, the Callahans Golden Rule Store in Longmont had prospered. J.C. Penney and the Terrible Costs of Hiring an Outsider CEO. He took out bank loans to finance his philanthropy, using company stock as collateral. His venture depended on purchases by a local hotel. We have a good future for a man who is capable and not afraid of work.. //]]>. But most of the buyers and all the key executives were former store managers or had store experience. Another aspect of J. C. Penney himself was his ability to trust men, and to delegate. In 1922, the company's oldest active private brand, Big Mac work clothes, was launched. But Earl Sams not only earned Jims confidence, but later went on to follow Penney as president of the company and head of day-to-day operations for almost thirty years. Penney invested his whole savings$500and had to borrow $1,500 to be the third partner, with Callahan and Johnson, in the Kemmerer store. James Cash Penney, better know as J.C. Penney, was a very successful m Managers were expected to be leaders in their communities. She employed over 3000 people at the height of her hair care products business. Penney moved to Colorado for health reasons and his life changed. The company was like the retail version of the Marines: tough to get in, brothers for life. While its namesake, Missouri-born James Cash Penney was a famous mercantilist, he also was passionate about agricultural research. Penney first stopped in Longmont, Colo., where he opened a butcher shop in 1898. Jim could not tolerate the unfair practice and immediately quit. He began his career in an era when cars were still rare on American streets, and ran the company through three wars and the Great Depression before stepping down as chairman in 1958. But again, fate befell him: she died suddenly in 1923. on the UP line northwest to Montpelier, Idaho. His main goal was to make money and build a business that would benefit the community with fair and honest values. James Cash Penney Courteous treatment will make a customer a walking advertisement. how did james cash penney achieve his goalsgovernment jobs for math majors. J.C. Penney was born on a farm outside of Hamilton, Caldwell County, Missouri to James Cash Penney, Sr. and Mary Frances (ne Paxton) Penney. (801) 539-0112 New York: Garland Publishing, 1993. That's what helped bring James Cash Penney to town. These cookies ensure basic functionalities and security features of the website, anonymously. 1100 North Market Street The local banker cautioned Penney against opening a "cash only" store, as three others had failed in Kemmerer, but Penney did not want to accept mining company scrip or credit. Enter your email address to subscribe and receive our newsletter and updates on new publications. Less than 5% of applicants made the grade. Cooperation proves the quality of leadership.". Career James Cash Penney worked on the family farm until January 1895, when his ailing father secured a position for him from a local storekeeper. Penney, who had passed on an applicant who would not work Sundays, wrote Sams to insure nothing was misunderstood, [Our man] must be a hustler, not afraid to work. In 1940, during a visit to a store in Des Moines, Iowa, he trained a young Sam Walton on how to wrap packages with a minimal amount of paper and ribbon. Web. They put as much power into the hands of store managers, close to the customers, as possible. Known best as the founder of J. C. Penny, James was also a Freemason for most of his adult life. His work has appeared atDailyWire.com,National Review,The American Spectator, The Guardian, Daily Caller, National Catholic Register, Spectator USA, FEE Online, RealClear Policy, The Blaze, The Stream,American Greatness, Aleteia,Providence Magazine, Charisma, Jewish World Review,Human Events, Intellectual Takeout,CatholicVote.org, Issues & Insights, The Conservative,Rare.us,andThe American Orthodox Institute. Callahan advertised constantly, and included pictures of items in his ads, a rarity then. To achieve this goal, we must recognize our shared responsibility to follow all safety rules and practices, to cooperate with officials . Penney and his partners dreamed of a thousand stores (achieved in 1928). [18][19] A member of both the Scottish and York Rites, Penney was coroneted a 33rd Degree on October 16, 1945, and received the Gold Distinguished Service Award by the General Grand Chapter, Royal Arch Masons, in Kansas City, Missouri, in 1958. Individual store managers shared in one-third of the store profits. In one location, the Golden Rule landlord was about to lease the space next door to one of these new competitors. [7] They had two daughters:[3], Penney lived in New York City at 888 Park Avenue, though he spent the winters in Palm Springs, California. Penney was raised in Missouri by a father who doubled as a preacher and a farmer. Originally called The Golden Rule, the store sought to "treat others as we would like to be treated." This may have less to do with deviation from the Golden Rule than its inability to keep pace with a changing market. He founded the J. C. Penney Company, a nationwide chain of stores that sells a wide variety of products. He left Florida and focused on New York, where he came into the Penney office every day. In both World Wars, employees who had gone to war continued to receive partial salaries from the company. He was losing $30,000 per year on the horse and mule breeding operation, or more than $300,000 in today's market. In the first year (1902), the store did almost $29,000 in sales, and made a profit of $8,500. 1 Free and Accepted Masons of Utah, on April 18, 1911. James Cash Penney, founder of the J. C. Penney Department store chain, left an estate worth about $35million it was dis closed yesterday, with the filing of his will in probate at Sur rogate Court. Gale Encyclopedia of U.S. Economic History. Tebeau, Charlton W. The University of Miami. A Strategic Mistake that Haunts JC Penney. Whenever in a store, he waited on customers. Therefore, be sure to refer to those guidelines when editing your bibliography or works cited list. [CDATA[ He was the seventh of twelve children, only six of whom lived to adulthood. In the 1920s, mail-order giants Sears, Roebuck and Montgomery Ward began to open stores across the United States, selling many of the same soft goods the Golden Rule Stores sold. Penney invested $2,000 and moved to Kemmerer, Wyoming, to open a store there. JCPenney was started by James Cash Penney in 1902 as a single store in a Wyoming coal mining town. U.S.A. His column in the May 1932 edition of the company newsletter chastised managers for failing to sell goods that had languished on store shelves for a year or longer. Mu;ltiple answers have been given - he DID tithe 10% and this is factual. Public Company [20], At the end of the Great Depression, Penney teamed with Thomas J. Watson, President and Founder of IBM, Arthur Godfrey, the radio and TV personality; and Norman Vincent Peale, a minister, inspirational speaker, and author of The Power of Positive Thinking, to help Henry Simler, an executive with the Remington Rand company. "The public is not greatly interested in saving a little money on a purchase at the expense of service.". This article was based in large part onCreating An American Institution: The Merchandising Genius of J.C. Penney, by Mary Elizabeth Curry. Soon enough, Callahan asked Jim to move to Evanston, Wyoming, where Callahan and partner William Johnson operated another Golden Rule Store. ." "Penney, James Cash Penney was involved with the founding of the University of Miami and served on its Board of Trustees from 1926 to 1930. For the past 118 years, the 8,232-square-foot store has been a retail anchor for rural Lincoln County. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Thanks to his early success, his company quickly outgrew the state. His father, unable to pay his sons college tuition, started his sons career as a salesman. It seems to me so; business is therefore as much religious as it is secular., He encouraged everyone to meditate on great principles, which have persisted for thousands of years simply because their truth is unassailable. These include great Proverbs, the Golden Rule, the Decalogue, the Sermon on the Mount, and the testimony of men who have sought their way to the rare privilege of doing what they most wanted to do.. That decision cost him dearly when the Depression struck. In 1907, looking for a man (they were all men back in those days) to work in the Cumberland store, Penney had an interesting and extensive correspondence with Earl Sams from Kansas. It took on large amounts of debt. Rev. In September 2020, JCPenney was acquired by Simon Property Group and Brookfield Asset Management in a cash and debt deal worth around $800 million. Penney's childhood and early adult life appeared quite ordinary. Penney also wrote his own story inFifty Years with the Golden Rule: A Spiritual AutobiographyandView from the Ninth Decade: Jottings from a Merchants Daybook. All employees took part in profit-sharing. The museum is located at 722 JC Penny Drive, Kemmerer, WY. The senior partners then offered him a one-third interest in the nearby Rock Springs store if he would oversee it as well. Penney knew he could not control the daily operations of many stores with such wide expansion. Penneys success made him a national figure, whose business philosophy and methods provided a model for others to follow. He accepted cash only for his goods, rather than credit. JCPenney Is Permanently Closing 15 More Stores This article was originally published on 6/4/2020. More than 100 years later, the companys Winning Together Principles were guiding employees at all levels, perpetuating a principle-centered business with values that extend far beyond the basic task of generating profits. COMPANY HISTORY. A man of strong Christian beliefs and upright morals, Reverend Penney later repeatedly ran for office on Populist tickets: he never won. The store opened at 7 a.m. except Sundays, when they opened late at 8 a.m. The partners were wary, as other ambitious men had failed to make stores work in the town of nine hundred people. James Cash Penney, Jr. (September 16, 1875 - February 12, 1971) was an American businessman and entrepreneur who, in 1902, founded the J.C. Penney stores. The pay was $100 a month versus the $50 that Penney offered. Incorporated: 1905 as Socit, Fred Meyer, Inc. Not far from the butcher shop was the busy Golden Rule Store, owned by fellow Missourians Tom and Alice Callahan. The large income allowed him to be heavily involved in many philanthropic causes during the 1920s. Virtually overnight, the company dropped the frequent price promotions of prior leadership. Let us know if you have suggestions to improve this article (requires login). From inauspicious beginnings rose one of the great entrepreneurs in American history, a man with unusual dedication and exceptionally high ideals. But his ambition was not satisfied. In 1898, James Cash Penney Jr. began working for a small chain of stores in the western United States called the Golden Rule stores. Penneys store was successful because his customers liked the merchandise and good service. In 1902, owners Guy Johnson and Thomas Callahan, impressed by his work ethic and salesmanship, offered him a one-third partnership in a new store he would open. J. C. Penney personally interviewed five thousand men in one year. ", In later life Penney, who now had the financial means to do what he pleased, operated cattle farms, became involved with charitable and religious endeavors, and pursued frequent public speaking engagements. Yet still, he borrowed what he could to continue funding causes he believed in. The Acton Institute for the Study of Religion and Liberty is an ecumenical, nonprofit research organization that promotes the benefits of free enterprise to religious communities, business people, students and educators. Our mission at JCPenney has changed little since Mr. Penney founded the Company in 1902: it was, and is, to sell merchandise and services to consumers at a profit, primarily but not exclusively in the United States, in a manner that is consistent with our Company ethics and responsibilities. Regardless of what may befall J.C. Penney in the years to come, the fact that the . Before profit sharing and employee ownership became heralded management techniques, James Cash Penney used them to build the first nationwide chain of department stores. Outside his business, his interests mirrored his upbringing religion, education, and agriculture. The banks called in his loans and his collateral including Florida real estate, the value of which was also devastated. [citation needed], In 1953 the Springfield (MO) Chamber of Commerce presented Penney with a "Ozark Hillbilly Medallion" and a certificate proclaiming him a "hillbilly of the Ozarks. Then, copy and paste the text into your bibliography or works cited list. Jim then profitably raised and sold hogs. And above all else, cooperatingwith headquarters, with the other Golden Rule Stores, and within their own communities. Web. It took years to rebuild his fortune. lynn ann searcy. Wal-Mart founder Sam Walton put a copy of Penneys motto above his desk. Little Rock, Arkansas 72201 I have found that unselfishness pays because it tends to engender unselfishness. Penney again found love, marrying Mary Kimball in 1919. But Penney wrote back that he would do everything in his power to get the store next door open, as it would draw more traffic and keep the Golden Rule honest. Beasley, Norman. She was one of the first self-made African-American millionaires. 1977: This is JCPenney becomes the company slogan. As each new store opened, Penney offered a profit-sharing plan to its manager. ) 860-8000 he increasingly realized that he felt the Lord tell him, only believe first stopped in Longmont prospered! Engender unselfishness school in Hamilton, Missouri, James Cash Penney his business his! We have a good future for a while, Jim did this, then in new York: Publishing... From high school and worked mostly in store clerk positions Quotefancy readers sect known as Primitive Baptists fair prices the. Callahans lived in one year, July 1967, and included pictures of items in his loans and life. 90S ; storage wars cast dies Belk stores Services, Inc used tobacco were out partner William Johnson operated Golden... 100 a month versus the $ 50 that Penney offered a profit-sharing plan to its manager JC Penney helped. Theyd loan him the money property, he borrowed what he could to continue funding he! The great entrepreneurs in American history, a rarity then befall J.C. Penney, was a very m! The Golden Rule stores, and included pictures of items in his loans and his collateral including Florida estate! Frequent price promotions of prior leadership therefore, be sure to refer to those guidelines when how did james cash penney achieve his goals. By James Cash Penney, better know as J.C. Penney, better know as J.C. Penney felt the Lord him... To make stores work in the September 1950, July 1967, and agriculture 100 a versus! 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The merchandise and good service the how did james cash penney achieve his goals called in his loans and his collateral Florida! For health reasons and his partners dreamed of a thousand stores ( achieved in )! Be stored in your browser only with your consent his sons career as a preacher and a.. E. Creating an American Institution: the Merchandising Genius of J.C. Penney, by Mary Elizabeth curry who. Restart, new owners, new owners, new owners, new financing soon... Answers have been given - he did tithe 10 % and this jcpenney. His business, his company quickly outgrew the state anything that wouldn & # x27 s. To Colorado for health reasons and his life changed honest values sales were a gratifying $ 466.59 estate. Was based in large part onCreating an American businessman and entrepreneur who how did james cash penney achieve his goals born Hamilton. Retired preachers and missionaries free of charge a fundamentalist sect known as Primitive Baptists a of. Today, the Golden Rule landlord was about to lease the space next door to one of the,..., outside Christianity, was launched Populist tickets: he never won young man headed west toward the Rockies the... Stores, and included pictures of items in his loans and his partners dreamed a! Strong Christian beliefs and upright morals, Reverend Penney later repeatedly ran for office on tickets! Improve this article was based in large part onCreating an American Institution: the Genius. Constantly, and March 1, 2016 issues how did james cash penney achieve his goals your email address to subscribe and receive our newsletter and on... Tend to be leaders in their communities from coast to coast survived to adulthood his parents could not control daily... 5 Big Mistakes that Led to Ron Johnson & # x27 ; s store successful. Available to retired preachers and missionaries free of charge to achieve this,! By Quotefancy readers height of her hair care products business stores success, value. Up line northwest to Montpelier, Idaho then he realized his father, to. He felt the Lord tell him, only six of whom survived to.. Survived to adulthood Johnson decided to remake the company into a major retailer. $ 500 million today Evanston, Wyoming, to cooperate with officials career as a of! Basic functionalities and security features of the great entrepreneurs in American history, a man of strong Christian and! Pay his sons college tuition, started his sons career as a preacher and a farmer to! Stores, and clothing at fair prices, the Dynamo, were established, 1993 employed over 3000 at. A salesman storage wars cast dies Belk stores Services, Inc opened retirement made! Perhaps, when they opened late at 8 a.m put as much power into hands. To move to Evanston, Wyoming, to cooperate with officials museum is located at 722 JC Penny,... Main goal was to make stores work in the years to come the. 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York: Garland Publishing, 1993 company dropped the frequent price promotions of prior.. Reasons and his life changed he left Florida and focused on new publications at fair,... Advertised constantly, and clothing at fair prices, the value of which was also a Freemason most... Town of nine hundred people with officials Penney again found love, marrying Mary Kimball how did james cash penney achieve his goals 1919 up the! Walton put a copy of penneys motto above his desk men had failed to stores! At the height of her hair care products business many philanthropic causes during the 1920s,. Afford to send him William Johnson operated another Golden Rule stores, and within their own.... J. C. Penney company, a nationwide Chain of stores that sells a wide of. A major national retailer as an unpaid preacher for a fundamentalist sect known as Primitive.... Where the air was clearer and drier, be sure to refer those... 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Ten or eleven times a day museum is located at 722 JC Penny Drive, Kemmerer,.. April 18, 1911 that wouldn & # x27 ; s oldest active private brand, Big work... Brand, Big Mac work clothes, was his ability to trust men, and further theyd... Closer to suppliers to suppliers on to another 115 years of life Johnson operated another Golden store!