F.W. Woolworth

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F.W. Woolworth

An American businessman who founded one of the first five-and-dime stores, in which all items were sold for five and ten cents. This company, Woolworth's, began in 1879 on a $300 loan and made Woolworth into a multi-millionaire. In order to pay for the discounts he offered customers, he purchased goods directly from manufacturers. He also fixed prices for consumers, which was uncommon at the time. Woolworth lived from 1852 to 1919. See also: Sam Walton.
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Frank Winfield Woolworth, F.W. Woolworth's His general merchandise approach -- stores carried everything from canaries to plungers -- evolved into an American icon, and later into the Kmarts and Wal-Marts of the world.