Woolworth

The F. W. Woolworth Company (often called Woolworth's or Woolworth) was an American retail conglomerate, best known as a pioneer of the five-and-dime store. It became one of the most successful five-and-dime businesses in the United States and internationally, helping shape the modern retail model used by stores worldwide. The first store was opened by Frank Winfield Woolworth on February 22, 1879, as Woolworth's Great Five Cent Store in Utica, New York, but was not successful and closed after three months. After searching for a new location, Woolworth opened another store on June 21, 1879, in Lancaster, Pennsylvania, which became his first successful store. He later brought his brother, Charles Sumner Woolworth, into the business. The company then expanded its department store model across North America, becoming one of the biggest retailers of the 20th century. It would then expand internationally, entering the United Kingdom in 1909, Ireland in 1914, Germany in 1927 and Mexico in 1956. In 1963, the company became the parent company of Kinney Shoes, which would create the Foot Locker retailer in 1974. From the 1980s onwards, the U.S. business faced decline due to hostile competition in the department store market, however the sporting goods division (such as Foot Locker) was still flourishing. In 1982, the Woolworth division in the United Kingdom was divested, which included the Irish division. In July 1997, the Woolworth department store chain closed its final U.S. stores and shifted its focus to sporting goods, renaming itself as Venator Group. In 1997 and 1998, it divested of its remaining Woolworth businesses in Mexico and Germany. By 2001, Woolworth had moved exclusively into the sporting goods market and adopted its current name, Foot Locker, Inc.