Woolworth

Woolworth commonly refers to Frank Winfield Woolworth and the retail enterprise he founded, the F. W. Woolworth Company. Woolworth (1852–1919) was an American entrepreneur credited with popularizing the five-and-dime store format, which sold a broad range of inexpensive goods at fixed low prices. He opened his first successful store in Utica, New York, in 1879 after leaving a prior job, and the concept soon expanded into a nationwide chain that emphasized low prices, simple assortments, and high turnover.

The F. W. Woolworth Company grew into one of the largest retailers in the United States and a leading example of the discount store model during the 20th century, with thousands of outlets worldwide at its height. The Woolworth name also appeared in the built environment; the Woolworth Building, a landmark skyscraper in Manhattan completed in 1913, was financed and named for the company.

In the later 20th century, increased competition and diversification led the parent company to reorganize and eventually exit the traditional five-and-dime format. In 1997 the Woolworth Corporation reorganized as Venator Group to focus on athletic-footwear retail, and the company was renamed Foot Locker, Inc. in 2001. The original Woolworth stores largely disappeared, while the renamed company continued to operate under new branding.

Today, Woolworth is remembered as a pioneer of fixed-price discount retail and as the namesake of a major New York City skyscraper. The Woolworth Building remains a notable example of early skyscraper design and urban commerce.