Predicting Your Future

Many business people told F. W. Woolworth that he would go “broke” trying to run a store on five and ten cent sales.

Woolworth, however, knew he could do anything within reason and backed by faith. He built a chain of stores offering a wide range of low priced goods for a nickel. Many of these items had never before been sold for so little money.

Woolworth stores soon began the process of having merchandise manufactured for them and often taking the factory’s entire output. He brought the luxury of selecting a wide array of goods to people who normally would not have been able to afford them.

Following the success of his store in Lancaster he added a new section for ten-cent goods and when this store also flourished he changed the name to Woolworth’s Five-and Ten-Cent Store.

When F. W. Woolworth died in 1919, his personal fortune was estimated to be around $65 Million dollars. There were 1,057 Woolworth stores in the United States and Canada along with 175 stores in England.

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CITATION: Woolworth, F. W. – Overview, Personal Life, Career Details, Social and Economic Impact, Chronology: F. W. Woolworth