The first Woolworths was opened in Feb 1878 by Frank Woolworth in New York City. USA. The name of the store was “Woolworths The Great Five Cent Store.” Charles Woolworth joined his brother in the enterprise in 1879, and the brothers became pioneers in direct purchasing and marketing. Establishing a trend that is still in use to this day in the retail world.
By the one hundred year mark, the company was the largest retailer worldwide. With continued competition from the big box stores like Kmart. Woolworths profit began to decline drastically.
In 1993 Woolworths developed a restructuring plan in which the company closed down half of its stores in the United States and the stores in operation in Canada renamed the Bargain Shop. As the profits from the remaining general merchandise store declined. Woolworths began to focus on sporting goods.Leading to the closure of all Woolworth stores in 1997. The company was rebranded with Foot Locker. LTD being the company’s successor.
