The jcpenney Company created this endowment in 1988 to support outstanding faculty work in retail management. Founded in the early 1900s by James Cash Penney, the company invests its money, people and skills in communities where they do business. Penney opened his first Golden Rule Store in 1902, stating as its goal “to serve the public, as nearly as we can, to its complete satisfaction.” By valuing customers, associates, communities, investors, products and services, jcpenney has become one of the most trusted retailers in America.