Chapter 3: Bumpkins in the Big Apple

Overview

From the beginning, three things were the most important in the Callahan-Johnson-Penney way of business:

1. Ethical behavior ("Golden Rule" was more than a clever slogan until much later)

2. A syndicate of stores buying skillfully in force

3. Partnership

Like Callahan's, the way Penney's syndicate bought gave it tremendous leverage over competition (and was even to lead to relief from a Penney banking dilemma). This meant that buying expertise was certainly the equal of the more celebrated partnership concept. But there was no question that partnership was the motor of the organization's rapid and then astounding growth.