Urban Outfitters Co-Founder and President, Richard Hayne, was selected out of over 100 nominees to be presented with the prestigious Edward Powell award in 2011, according to a Dec. 30th release.
The Edward Powell award, established in 1941 by a Philadelphia manufacturer, includes a $100,000 cash prize funded by Powell's trust. It is given once every four years to a Philadelphia business leader "whose individual efforts and personal application to the
Manufacturing and Commercial interest of the City of Philadelphia has
produced the best results during the past four years, for the benefit
and prosperity of the City of Philadelphia."
The Board of Directors of City Trusts chose Hayne because of Urban Outfitter's meteoric rise to success – Hayne initially invested $4,500 in the West Philadelphia business in 1970 – and sustained local roots despite global success.
"His story is a perfect example of what Philadelphians can accomplish when they strive for greatness,” Mayor Michael Nutter said in a statement. “The City of Philadelphia is committed to helping local businesses thrive. I encourage every business owner, regardless of the size of enterprise, to utilize the resources available in our city – from the City operated Small Businesses Service Portal to the Office of Business Services – we are working to help every Philadelphia-based company achieve the same level of success as Urban Outfitters, Inc."
"He founded Urban Outfitters in Philadelphia and grew it into an international retail success story, now housed in a critically acclaimed headquarters at the Navy Yard," said Chairman of the Selection Committee William Hankowsky. "He has taken that success and given back to his hometown in numerous ways.