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Undercutting the prices of other local merchants
- The F.W. Woolworth Co. had the first five-and-dime stores, which sold discounted general merchandise and fixed price, usually five or ten cents, undercutting the prices of other local merchants.
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The Woolworth's concept was widely imitated, and five-and-ten-cent stores (also known as five-and-dime stores or dimestores) became a 20th-century fixture in American downtowns. They would serve as anchors for suburban shopping plazas and shopping malls in the 1950s, 1960s, and 1970s.
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Feb 18, 2011 · While the “five-and-dime” store has gone, the principle is still very much alive. The nickel and dime of 1935, in today’s market, has the purchasing power of 75¢ and $1.50, which keeps hundreds of Everything-Costs-A-Dollar stores in operation.
Nationwide Frank Woolworth opened his first five-and-dime store in Utica, New York, in 1879. By the time he inaugurated his monumental headquarters in New York City in 1913 — at the time, the tallest building in the world — the company had more than 500 stores nationwide.
- Scott Nyerges
Woolworth’s pioneered the concept of a five and dime store, with fixed prices drawing in crowds of customers. Variety stores began popping up across America, becoming a staple of Main Street. Woolworth’s and Kresge stores side by side, downtown Muskegon, MI, 1950s.
Frank Winfield Woolworth (April 13, 1852 – April 8, 1919) was an American entrepreneur, the founder of F. W. Woolworth Company, and the operator of variety stores known as "Five-and-Dimes" (5- and 10-cent stores or dime stores) which featured a selection of low-priced merchandise.
The F. W. Woolworth Company (often referred to as Woolworth's or Woolworth) was a retail company and one of the original pioneers of the five-and-dime store. It was among the most successful...
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- Sherway Academy of Music
In 1919, when F. W. Woolworth died, his chain of five-and-dimes consisted of 1,081 stores in the United States and Canada. At that time, department stores were all regional; Woolworth's was one of a very few nationwide chains. Department stores were also notably more lavish and expensive than dime stores.
