F. W. Woolworth Company F. W. Woolworth Company The F. W. Woolworth Company (often referred to as Woolworth's or Woolworth) was a retail company and one of the original pioneers of the five-and-dime store. It was arguably the most successful American and international five-and-dime business, setting trends and creating the modern retail model that stores follow worldwide today. The first Woolworth store was opened by Frank Winfield Woolworth on February 22, 1878, as "Woolworth's Great Five Cent Store" in Utica, New York. Though it initially appeared to be successful, the store soon failed. When Woolworth searched for a new location, a friend suggested Lancaster,
Woolworth Building to lease them as office space. The project will cost approximately $150 million including its $68 million purchase price. In August 2014, the New York Attorney General's office approved Alchemy's offering plan for condos at the newly branded Woolworth Tower Residences. The $110 million price tag for the building's penthouse unit is the highest asking price ever for an apartment in downtown Manhattan. At the building's completion, the F. W. Woolworth Company occupied only one and a half floors of the building, but, as the owner, profited from renting space out to others, including the Irving National Exchange Bank and