Urban Outfitters Inc. founder and chairman Richard A. Hayne is to receive the 2011 Edward Powell Award, and its $100,000 prize, for contributions to Philadelphia's economic prosperity, Mayor Nutter and the Board of Director of City Trusts announced Friday.

The award is granted every four years to a Philadelphia business leader in honor of Powell, a European immigrant who established a knitting mill in the city's Fairmount section. It is funded by Powell's trust, which is administered by the Board of City Trusts.

Hayne started Urban Outfitters as a single store in 1971; today it is multibillion-dollar corporation headquartered at the Philadelphia Navy Yard and also featuring the brands Anthropologie, Free People and Terrain.

Hayne was selected from more than 100 nominations.

"His story is a perfect example of what Philadelphians can accomplish when they strive for greatness," Nutter said in a statement.

The award will be presented at the Greater Philadelphia Chamber of Commerce's annual luncheon Feb. 6. Prior recipients have included Brian Roberts of Comcast Corp. and legendary music producer Kenneth Gamble.    - Maria Panaritis