JC Penney's Retail Growth Quiz
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Questions and Answers

Which entrepreneur opened the first department store, known as the Marble Dry Goods Palace?

  • R.H. Macy
  • Marshall Field
  • Alexander T. Stewart (correct)
  • John Wanamaker

    • What were the drivers of success for department stores?

  • Growth of urban markets
  • Improved transportation and communication
  • Vertical integration
  • All of the above (correct)

    • Which population group had more options and cheaper prices than general stores?

  • Metropolitan population
  • Suburban population
  • Rural population (correct)
  • Urban population

    • What business model was replicated in other cities shortly after the opening of the first department store?

    <p>Department Stores</p> Signup and view all the answers

    What type of stores offered a large variety of goods at a discounted price?

    <p>Department Stores</p> Signup and view all the answers

    What industry were trading stamps the precursor to?

    <p>Supermarkets</p> Signup and view all the answers

    Which city was the headquarters of the company moved to in 1913?

    <p>New York City</p> Signup and view all the answers

    In which year did the company have 2500 stores in the U.S., Mexico, U.K., and Canada?

    <p>1960</p> Signup and view all the answers

    What is the name of the company's owner?

    <p>Woolworth</p> Signup and view all the answers

    During which time period did the rise of small businesses occur?

    <p>1800's</p> Signup and view all the answers

    What was the primary environment for the company's business?

    <p>Natural</p> Signup and view all the answers

    What did the company help develop in 3rd world countries?

    <p>Trade agreements</p> Signup and view all the answers

    In what year did JC Penney become the 3rd largest retailer?

    <p>1962</p> Signup and view all the answers

    What were variety stores colloquially known as?

    <p>5-10 stores</p> Signup and view all the answers

    Who founded the first variety chain store?

    <p>Frank Woolworth</p> Signup and view all the answers

    When did Walgreens drug store chain emerge?

    <p>After the turn of the century</p> Signup and view all the answers

    What is a franchise?

    <p>Name and corporate image of a national firm</p> Signup and view all the answers

    Who founded KFC?

    <p>Colonel Harland Sanders</p> Signup and view all the answers

    Which century saw the birth of multinationals?

    <p>19th century</p> Signup and view all the answers

    What factors accelerated the growth of multinationals?

    <p>Faster transportation and communication</p> Signup and view all the answers

    Which industry did American firms dominate in Mexico?

    <p>Mining</p> Signup and view all the answers

    Which event led to the destruction of investments abroad?

    <p>World War II</p> Signup and view all the answers

    What legislative actions paved the way for multinational growth after World War II?

    <p>Marshall Plan and Truman Doctrine</p> Signup and view all the answers

    What is the estimated amount of cash Apple has offshore?

    <p>$230.2 billion</p> Signup and view all the answers

    Which company organized its departments into specialized lines of goods, allowing it to surpass Montgomery Ward and become the leading mail-order firm?

    <p>Sears</p> Signup and view all the answers

    When did Sears merge with Kmart?

    <p>2004</p> Signup and view all the answers

    What caused the decline in same-store sales for both Sears and Kmart in the next two years after their merger?

    <p>Closing unprofitable stores</p> Signup and view all the answers

    When did Sears declare bankruptcy?

    <p>2018</p> Signup and view all the answers

    Which company began selling homes in its catalog in 1908?

    <p>Sears</p> Signup and view all the answers

    What was the most expensive home sold in Sears' catalog in 1908?

    <p>$2,890</p> Signup and view all the answers

    Which city was the headquarters of the company moved to in 1913?

    <p>New York City</p> Signup and view all the answers

    What was the primary environment for the company's business?

    <p>Man Made</p> Signup and view all the answers

    What industry did American firms dominate in Mexico?

    <p>Retail</p> Signup and view all the answers

    Which entrepreneur opened the first department store, known as the Marble Dry Goods Palace?

    <p>John Wanamaker</p> Signup and view all the answers

    What caused the decline in same-store sales for both Sears and Kmart in the next two years after their merger?

    <p>Mismanagement</p> Signup and view all the answers

    Which century saw the birth of multinationals?

    <p>19th century</p> Signup and view all the answers

    Approximately how many stores did JC Penney have when it became the 3rd largest retailer in 1962?

    <p>4,000</p> Signup and view all the answers

    What was the colloquial name for variety stores?

    <p>Dime stores</p> Signup and view all the answers

    In what year did Walgreens drug store chain emerge?

    <p>1909</p> Signup and view all the answers

    What year did Woolworth become the largest chain store in the world?

    <p>1979</p> Signup and view all the answers

    How many products are for sale at Walmart?

    <p>16,859,211</p> Signup and view all the answers

    How many people does McDonald's feed every day?

    <p>68 million</p> Signup and view all the answers

    Trading stamps were the precursor to which industry?

    <p>Franchises</p> Signup and view all the answers

    Which entrepreneur opened the first department store, known as the Marble Dry Goods Palace?

    <p>Alexander T. Stewart</p> Signup and view all the answers

    What were the drivers of success for department stores?

    <p>All of the above</p> Signup and view all the answers

    Which industry did American firms dominate in Mexico?

    <p>Oil</p> Signup and view all the answers

    What type of stores offered a large variety of goods at a discounted price?

    <p>Department stores</p> Signup and view all the answers

    Which event led to the destruction of investments abroad?

    <p>World War II</p> Signup and view all the answers

    Which company was founded in 1893 and eventually became the leading mail-order firm, surpassing Montgomery Ward?

    <p>Sears</p> Signup and view all the answers

    What was the main factor that led to the success of A&P as a grocery chain in the 1860s?

    <p>Credit policy</p> Signup and view all the answers

    Which company emerged as a major grocery chain in the 1860s and innovated the supermarket concept?

    <p>A&amp;P</p> Signup and view all the answers

    What was the primary reason for the rise of chain stores in smaller mid-sized cities?

    <p>Lack of department stores</p> Signup and view all the answers

    Which company began selling homes in its catalog in 1908?

    <p>Sears</p> Signup and view all the answers

    What percentage of women were in the workforce in 1920?

    <p>Approximately 40%</p> Signup and view all the answers

    Which event led to the decline in same-store sales for both Sears and Kmart in the next two years after their merger?

    <p>The Smoot-Hawley Tariff</p> Signup and view all the answers

    Which legislative action paved the way for multinational growth after World War II?

    <p>The Marshall Plan</p> Signup and view all the answers

    What was the primary story in the retail industry over the next 10 years, according to the text?

    <p>The shift from traditional brick and mortar to e-commerce</p> Signup and view all the answers

    What is the estimated amount of cash that U.S. corporations hold overseas?

    <p>$2.6 trillion</p> Signup and view all the answers

    Which event led to the destruction of investments abroad for multinational corporations?

    <p>World War II</p> Signup and view all the answers

    What was the primary factor that accelerated the growth of multinationals in the mid-19th century?

    <p>Maturation of local firms into national enterprises</p> Signup and view all the answers

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