Samuel W. Woodward: Department Store Magnate and Real Estate Developer
Samuel Woodward was born in Damariscotta, Maine, on December 13, 1848. In 1873, he established a dry goods business in Chelsea, Massachusetts with partner Alvin Lothrop. After opening several stores in the Boston area, they joined with Charles E. Cochrane and moved to Washington in 1880.
Starting as the “Boston Dry Goods House,” Woodward, Lothrop, and Cochrane stood out from other merchants in the District at the time with its then-revolutionary model of “one price.” Prices were fixed and no negotiation was ever required. Another innovative practice that they introduced was that customers could also return products they were unsatisfied with for cash refunds, not just store credit. Woodward and Lothrop also began the first clearance sales, which they called “Remnant Day,” selling unsold merchandise at a discount.
