1879: Woolworth opens five-cent store

On this day in 1879, Frank Winfield Woolworth kicked off a retail revolution by opening the Great 5 Cents Store in Utica, New York. Pledging to sell "nothing" that cost more than a nickel, Woolworth packed his store with a smorgasbord of goods, ranging from items for the kitchen to beauty products. Though the Utica store ultimately failed, Woolworth hit pay dirt that same year when he opened another discount variety store in Lancaster, Pennsylvania. The shop, which was expanded to include items that cost up to a dime, proved to be a fast success with Pennsylvanians and emboldened Woolworth to establish an empire of discount stores. The dawn of 1890s saw Woolworth's "five and ten" stores dot America's East Coast; by 1904 he had opened some 120 stores in twenty-one states, including chunks of the West and the District of Columbia. In 1911, he cemented his dominance of the burgeoning variety store field by merging with four rival companies. The move armed Woolworth with a fleet of 596 stores and, in 1912, he christened the shops with the now familiar name, F.W. Woolworth. Though WoolworthÝs stores continued to flourish during the first half of the century, the years following World War II were not so kind to the company. The sprawl of suburbs, and the attendant spread of malls, coupled with the recent rise of super-sized discount rivals like Target and Wal-Mart, ultimately spelled the end for Woolworth's. In 1997, the granddaddy of five-and-tens threw in the towel and closed its last 400 shops.
-Source: History.com