The business philosophy of Penney Company in America

C.Penney was founded by James Penney in a mining town in Wyoming on 1902, and its headquarters is in Salt Lake City, USA. At the beginning of opening the store, Penny bought high-quality goods according to the situation of the town, residents' hobbies and needs, and marked the price on each product. It was unusual at that time that people from all walks of life had the same price. Penny's shop stipulates that only cash is accepted, and credit consumption is not accepted. This practice has been ridiculed by local businessmen, because most local residents use credit to spend, but Penny's shop attracts customers with its high-quality goods and good service. Penny insisted on providing customers with high quality and low price goods, and soon achieved success.