the history of woolworths and toys r us
Woolworths was a retail chain that was founded in 1878 by Frank Winfield Woolworth in Lancaster, Pennsylvania. Originally, Woolworths sold a variety of items, including toys, household goods, and clothing, at a fixed price of 5 cents. The store was innovative for its time, offering a wide range of goods at a low price, and became a popular destination for shoppers.
Over the next several decades, Woolworths expanded rapidly, opening new stores across the United States and eventually in other countries, including the United Kingdom, Canada, and Australia. The company became known for its low prices and wide selection of merchandise, and it played a major role in shaping the modern retail industry.
However, as the retail industry changed and competition increased, Woolworths struggled to adapt and keep pace. In the 1990s, the company began to close many of its stores and focus on other areas of its business, such as the sporting goods and hardware store chains it owned. Despite these efforts, Woolworths eventually filed for bankruptcy in 1997 and liquidated its assets.
Today, the Woolworths name is no longer associated with a retail chain, but it remains a significant part of the history of retail and a reminder of the impact that the company had on the industry.
history of toys r us
Toys “R” Us was a toy retail chain that was founded in 1948 by Charles Lazarus in Washington, D.C. Originally, the store sold baby furniture, but it soon expanded into toys and became one of the largest toy retailers in the world. Over the years, Toys “R” Us became known for its wide selection of toys, including dolls, action figures, board games, and more, and it became a popular destination for both children and adults.
In the 1980s and 1990s, Toys “R” Us continued to grow, expanding both domestically and internationally, and it became a major player in the global toy market. The company also pioneered new retail concepts, such as the “big-box” toy store format and the use of interactive displays and play areas in its stores.
However, in the early 2000s, the retail industry began to change, and Toys “R” Us faced increased competition from online retailers, such as Amazon. Despite efforts to modernize and adapt, the company struggled in the face of these challenges, and it eventually filed for bankruptcy in 2017.
After liquidating its assets, Toys “R” Us was eventually acquired by a new company, which has since re-opened a limited number of stores under the Toys “R” Us name. Despite these efforts, the company is no longer the dominant player in the toy market that it once was, and it remains a reminder of the impact that technological changes and increased competition can have on even the largest retail chains.