July 17, 1997: After 119 years of business, F. W. Woolworth Co. closed its general merchandise stores in the U.S. to focus on its Foot Locker chain of athletic wear. The first Woolworth's store was opened in Utica, N.Y., in 1878 by Frank Winfield Woolworth. Woolworth pioneered the discount retail business by creating the five-and-dime concept where no item was more than 10 cents. The concept did not go over well in Utica as the first store closed a year after opening. However, Woolworth immediately took his concept to Lancaster, Penn. where he had more luck. With the assistance of his brother, Woolworth expanded the chain. It quickly grew to be one of the largest retail chains in the U.S. by the 1960s appearing in most downtowns and suburban strip malls. However, growing competition from Kmart, Target and Wal-Mart starting in the late 1960s led to a decline in the flagship business. To stem loses, Woolworth's entered specialty retailing in the 1980s introducing the Foot Locker chain. When it closed its last Woolworth's branded stores in 1997, F. W. Woolworth changed its corporate name to Venator Group. The company now survives as Foot Locker Inc., which recently
put itself on the auction block. Of course, chains using the Woolworth name survive in the United Kingdom, Germany, Australia, New Zealand and South Africa. —
Matthew Wurtzel
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