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.