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,
F. W. Woolworth Company corporate entity under the name "F. W. Woolworth Company" in a merger of all 596 stores. The stock flotation raised over $30 million for the five founders of the merged chains. They all swallowed their pride and accepted Frank's name above the door, with Frank as President of the new Corporation. Sum Woolworth, Fred Kirby, Seymour Knox, Earle Charlton, and William Moore each became a Director and Vice-President. One of the "friendly rival" predecessor chains included several stores initially opened as Woolworth & Knox stores starting as early as September 20, 1884 as well as S. H. Knox & Co.