Chain Store AgePLANO, Texas - JCPenney plans to invest about $3 billion to build 150 stores and renovate more than 200 others, marking the biggest expansion for the company since 1980, Women’s Wear Daily reported.
The retailer, which plans to focus on off-the-mall units, pinpointed at least 400 markets where it aims to open stores and will add 27 new locations to its existing 1,019 stores this year. Penney said it plans to renovate more than 200 stores in the next four years.
The expansion is a part of an effort to up its competitive edge by targeting consumer lifestyles. For example, the company is creating a new career line for women (E. 5th), increasing its Internet presence, enhancing its bridal market and developing more private brands.
JCPenney is definitely on a roll.
ReplyDeleteI think JCPenney will benefit from the Federated-May merger, as it will be prepared to embrace the lower segment of May's market, which Federated apparently has little interest in.
The off-mall stores make sense, as the few new malls being built are oriented to high-end consumers. JCPenney needs to grow with its value-oriented, middle-market clientle in the suburbs. The company is going to give Kohl's a run for its money.
I hope JCPenney kicks Kohl's ass. Macy's too. ;-)
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