In an announcement made by JC Penney last week, it revealed a $1 Billion plan to revive the brand which filed for bankruptcy in 2020 due to poor sales and other reasons. According to its revival plan, revealed in an announcement, the company said that “Stores will be remodeled, the company’s supply network will be made more efficient (allowing online orders to be delivered faster), and the online shopping site and app will receive a refresh”. The company added that this plan will run till the end of 2025 and it hopes to fix everything by that time.
“JCPenney is on strong financial footing and is steadily increasing relevance and frequency with our core customers. We are poised for continued growth and know that the surest path to success is by focusing on our customers.” The company revealed that “Among the changes shoppers can expect is a single area of cashiers, rather than them located throughout the store. Lighting will be brighter and store employees will have mobile devices, letting them scan inventory and ring up shopper purchases. Over 100 stores have already seen the changes enacted”. JC Penney CEO Marc Rosen also explained that “In the past, you’ve seen the company chase shiny objects and try to come out with a ‘big bang’ solution,” and added that “This time, we’re saying we’ve got to fix the foundation.” He also mentioned that “Private-label clothing brands J.Ferrar and Worthington are being reimagined via a partnership with stylist Jason Bolden. And the classic JCPenney logo will return as well.”
While most people would be led to believe that JC Penney would be absolutely struggling right now, that is not the case if Fortune’s report is to be believed as it is noted that “JCPenney currently has about 665 stores, down from its peak of 1,100 a decade ago. Many were closed from its bankruptcy filing. Now privately held, it’s not as high-profile as in the days when it was second only to Sears as the country’s largest retailer, but new owner Simon Property Group says it is “unbelievably profitable,” and consulting firm Kantar says it had sales of nearly $9 billion last year”.
