Why JCPenney’s New Marketing Strategies Revitalizes the Retail Industry J C Penney History of J C Penney J.C. Penney, an American department store company, has a long history dating back to 1902 when it was founded by James Cash Penney. Penney opened Starbucks deals today the Golden Rule Store as his first store in Kemmerer Wyoming. Penney opened more stores in the area as the business grew. In 1913, J.C. Penney Company, Inc. was formed and by 1920, it had 312 stores in the United States. J.C. Penney became known for its commitment of providing quality merchandise for fair prices