The Princeton University Store is a not-for-profit cooperative society whose members share in the profits. As a co-op, it operates differently than an ordinary corporation. It is governed by a Board of Trustees made up of students, faculty, administrators, and alumni. Additionally, instead of paying dividends to Wall Street shareholders, it gives discounts to its members. Members receive a 10% discount on nearly everything in the store. The co-op has two current locations: the downtown location on 114-116 Nassau Street and the on-campus location at 36 University Place. Last year, U-Store members received nearly $500,000 in discounts on all merchandise. The co-op membership register now includes over 75,000 active individuals.
In 1880, with the support of Dean Henry Fine and University Secretary Charles McAlpin, undergraduates Robert C. McNamara and Benjamin Franklin Bunn managed the new store's vigorous expansion to the entire first floor of West College. Ben Bunn (known as "Mr. Princeton" for his engagement with and support of his alma mater) managed the store until 1947 and was responsible for adding most of the departments the store has today. In 1958, under the direction of Frederick John "Jack" Worthington, the store moved to a building of its own (designed by Eldredge Snyder '22) at 36 University Place.
Following Worthington's retirement, Donald C. Broderick became store president. He was succeeded by the store's current president: James R. Sykes. In 1989 a third floor was added to the top of the building. Under Sykes's direction, the major renovation of 2000 refurbished all three floors, added a second elevator, and reconfigured the front staircase. In November 2007, a second location was opened on Nassau Street. The Nassau Street location took over as the main apparel retailer for the Princeton University Store. The University Place store was again remodeled in 2008, shifting its primary focus to food, technology, and dorm needs. It also houses Pequod Printing Services, which sells (among other things) various textbooks to students.