JCP Abbreviation

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Popular abbreviations of JCP:

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What does JCP mean?

JCP refers to the famous American businessman and entrepreneur, James Cash Penney. Commonly known to the world as JC Penney, he grew up to be a pioneer in the chain store business and built up an empire through his vision.

He was responsible for the establishment of the J.C. Penney Company, a chain of stores found across the US offering a variety of products. He was well known for his philanthropic nature and his notion of the term “customer”. He believed in the idea of running stores with utmost honesty and had a deep respect for everyone.

Early life and family

Born in 1875 to James Cash Penney Sr. and Mary Frances Penney, James Jr. was born and brought up in Caldwell County, Missouri. He was one among the other twelve children in their family, out of which only six came out living till adulthood. Penney Sr. was a strict father who was known for his discipline and his mother belonged from Kentucky.

He came up with ideas of earning money quite early in his life because of his family’s attitude of self-reliance and the value of money. He sold pigs and later moved to growing and selling watermelons. Wishing to become a lawyer, Penney graduated in 1893 but couldn’t afford higher studies. He worked for several stores and bought a butcher shop but went bankrupt.

JC Penney Stores

He worked for a chain of stores and by impressing the owners by his work in 1902, he acquired a one-third stake in their new store. He soon participated with them in two more stores. After the dissolution of the partnership, he got control of all three stores. By 1913, there were 34 stores already and he moved to Utah and established the JC Penney Company. Further expansions led the number of stores to 120 by 1920 which swelled up to 1400 by 1930.

He became philanthropic in nature and bought more properties and assets. But the Great Depression had a huge impact on him. His financial loss had an impact on his health as well. He took treatment and even in his tough times, he continued visiting his stores often. He was the chairman till 1946 and remained the honorary chairman till his death in 1971. In 2002, the company completed 100 years of its existence and still remains one of America’s largest retailer chains.