This Day in Wall Street History 1852: F.W. Woolworth is born

A century before the emergence of retail giants like Wal-Mart and Target, today's birthday boy, Frank Winfield Woolworth, pioneered the notion of the discount variety store. Born in Rodman, N.Y., on this day in 1852, Woolworth had tried for a number of years to establish his own business. But, his various ventures met with failure. However, in the winter of 1879, Woolworth's fortunes changed, as he opened the Great 5 Cents Store in Utica, N.Y. Rather than specializing in one product or line, Woolworth stuffed his store with kitchen wares, beauty items and an array of other goods, none of which cost more than a nickel. Though the Utica branch of the store was eventually forced to shut its doors, Woolworth's concept soon proved to be a smashing success. Later in 1879, he opened another discount store in Lancaster, Pa.; though it was a tad pricier than its predecessor -- Woolworth sold items that cost up to 10 cents -- Pennsylvanians loved the store. Having finally hit pay dirt, Woolworth set about opening a small army of discount stores across the nation. In 1911, Woolworth solidified his kingdom by merging with four retail rivals. That same year, Woolworth incorporated his empire, which now numbered upward of 1,000 shops, and re-christened it under a more familiar name, Woolworth's. Frank Winfield Woolworth passed away in 1919.

Source: History.com