William Thomas Grant (1876–1972) was the founder of a chain of
U.S.
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ...
mass-merchandise stores bearing his name,
W. T. Grant
W. T. Grant or Grants was a United States-based chain of mass-merchandise stores founded by William Thomas Grant that operated from 1906 until 1976. The stores were generally of the variety store format located in downtowns.
History
In 1906 the ...
, and an important American
philanthropist
Philanthropy is a form of altruism that consists of "private initiatives, for the Public good (economics), public good, focusing on quality of life". Philanthropy contrasts with business initiatives, which are private initiatives for private goo ...
.
Biography
Grant was born in
Stevensville,
Bradford County,
Pennsylvania
Pennsylvania (; ( Pennsylvania Dutch: )), officially the Commonwealth of Pennsylvania, is a state spanning the Mid-Atlantic, Northeastern, Appalachian, and Great Lakes regions of the United States. It borders Delaware to its southeast, ...
; his family moved to Massachusetts when he was approximately 5 years of age.
At age 7 Grant began his sales career by selling flower seeds. Years later, he wanted to sell people what they needed at prices they could afford, with only a modest profit. In 1906, at 30 years of age he opened his first "W. T. Grant Co. 25 Cent Store" in
Lynn, Massachusetts
Lynn is the eighth-largest municipality in Massachusetts and the largest city in Essex County. Situated on the Atlantic Ocean, north of the Boston city line at Suffolk Downs, Lynn is part of Greater Boston's urban inner core. Settled by E ...
.
[T.F. Bradshaw. "Superior Methods Created the Early Chain Store." Bulletin of the Business Historical Society, Vol. 17, No. 2 (Apr. 1943)]
His initial capital was $1,000 he had saved from his work as a salesman. This modest profit, coupled with a fast turnover of inventory, caused Grant's business to grow to almost $100 million in annual sales by 1936, the same year that he started the
William T. Grant Foundation. The stores were generally of the
dime store
A variety store (also five and dime (historic), pound shop, or dollar store) is a retail store that sells general merchandise, such as apparel, automotive parts, dry goods, toys, hardware, home furnishings, and a selection of groceries. It us ...
format located in downtowns.
Among his avocations were philosophy, painting, and local philanthropy. In his later years, Grant was chairman of the board of the W. T. Grant Company and president of the Grant Foundation, and later chairman of the board. He received honorary Doctor of Laws degrees from
Bates College
Bates College () is a private liberal arts college in Lewiston, Maine. Anchored by the Historic Quad, the campus of Bates totals with a small urban campus which includes 33 Victorian Houses as some of the dormitories. It maintains of nature p ...
in Maine and the
University of Miami
The University of Miami (UM, UMiami, Miami, U of M, and The U) is a private research university in Coral Gables, Florida. , the university enrolled 19,096 students in 12 colleges and schools across nearly 350 academic majors and programs, incl ...
.
He retired from both the W. T. Grant Company and the Grant Foundation at age 90, yet still served in an honorary capacity until his death in 1972 in Greenwich, CT at age 96. By that time his nationwide empire of W. T. Grant Co. (Grants) and Grant City stores had grown to almost 1,200, although the company
failed in 1975 and was soon
liquidated
Liquidation is the process in accounting by which a company is brought to an end in Canada, United Kingdom, United States, Ireland, Australia, New Zealand, Italy, and many other countries. The assets and property of the company are redistrib ...
.
References
External links
William T. Grant Foundation
William T. Grant Foundation Archives
{{DEFAULTSORT:Grant, William Thomas
1876 births
1972 deaths
American businesspeople in retailing
People from Lynn, Massachusetts
People from Bradford County, Pennsylvania
20th-century American philanthropists
Businesspeople from Massachusetts
Businesspeople from Pennsylvania
20th-century American businesspeople
Philanthropists from Massachusetts
Philanthropists from Pennsylvania