JCPenney Builds Momentum with Multiyear, Self-Funded $1 Billion Reinvestment Plan and Commitment to Make Every Day and Dollar Count for Families Across America | JCPenney Newsroom (2024)

PLANO, Texas (August 31, 2023) – JCPenney today announced its self-funded reinvestment plan and customer value proposition aimed at fueling long-term growth and increasing customer loyalty and frequency.

JCPenney plans to reinvest more than $1 billion into the business by Fiscal Year 2025 to further improve customer experience and operational efficiencies. This reinvestment builds on significant progress in FY22, including the launch of JCPenney Beauty, exciting product collaborations, completed store refreshes and improved digital shopping.

The company is also introducing a reinvigorated customer strategy, ‘Make It Count’, to remind customers that JCPenney stands with them, matching their efforts to make every day, dollar and date night count.

Strategic Reinvestment in Growth

JCPenney offers a broad portfolio of fashion, apparel, home, beauty and jewelry from national and private brands and provides personal services including salon, portrait and optical. Building on key transformations already completed across key areas of the business, the planned reinvestments will strengthen the customer experience through:

  • Enhanced digital capabilities. JCPenney is highlighting the value it offers across product categories through a more seamless shopping experience and increased customer personalization. The company will continue to upgrade its website and mobile app with, among other features, improved search functionality and product details, customer product reviews and more customized product and styling recommendations. These upgrades will enable customers to enjoy a more rewarding shopping experience across channels.
  • In-store physical and technology upgrades. Every visit to JCPenney should be worth the trip. To make the in-store experience more inviting and productive, the company’s more than 650 stores are undergoing varying updates, including enhanced store look and feel, improved technology and associate tools and physical upgrades. Additions like a new point-of-sale system will better integrate with inventory, and upgrades to in-store Wi-Fi networks will provide faster, more reliable connections for customers and associates. More than 100 stores have already been refreshed.
  • Merchandising and supply chain optimization. JCPenney is upgrading merchandising tools and supply chain operations so customers can shop the right products at the right place and at the right price. New inventory management systems, among other tools, will enable greater accuracy in decision-making and efficiency in execution, allowing JCPenney to cater to customers’ unique needs, fulfill orders faster and reduce purchase delivery times. Enhanced tools will also scale JCPenney’s ability to provide customized and localized product assortments in tune with local community preferences and trends.

“JCPenney is on strong financial footing and is steadily increasing relevance and frequency with our core customers,” said Marc Rosen, chief executive officer of JCPenney. “We are poised for continued growth and know that the surest path to success is by focusing on our customers. That’s why we are wholly committed to serving hardworking families across America with the attention, value, quality, choice and experience they deserve. Our customers are passionate, resilient and tireless in their efforts to make every moment count. We’re here to help them do that every day.”

Repledging to ‘Make it Count’

JCPenney is also revealing its reinvigorated customer strategy and brand proposition, ‘Make it Count.’ Since the company’s founding, it has been committed to helping customers make the most of life’s moments, both large and small.

The company’s brand proposition is anchored in four core aspects of JCPenney’s business and commitments to customers. They include:

  • Making Fashion Truly Accessible. JCPenney curates relevant and inclusive designs for everybody and every body across apparel, beauty, jewelry and home, all at a great value. JCPenney has been at the front lines of private brand development and strategic partnerships that can deliver great quality at a great price. Most recently, JCPenney announced its partnership with celebrity stylist Jason Bolden to reimagine collections for two private labels – J.Ferrar and Worthington – made for every size, shape and body.
  • Genuinely Rewarding. Every trip, in store or online, should be worth it. JCPenney wants customers to receive both an emotional and a financial benefit with its best-in-class credit card program, compelling loyalty program and exceptional customer service.
  • Standing with Communities. JCPenney strives to be an active part of all its communities, from physical communities where its more than 650 stores are located, to cultural communities. Localized product assortments and philanthropic efforts are just part of the many ways JCPenney shows up for its communities.
  • 120 Years of Doing for Others What We Want for Ourselves. The company was founded on and still lives by the Golden Rule – to treat others as you’d want to be treated. This commitment to positive change remains at the core of the company’s culture.

“We see a common truth for our customers. Too often, we are forced to make compromises between time and money, quality and price, responsibilities and enjoying life’s moments. We want to show customers that we are in it with them, just as we have been throughout our history, and investing in helping them make the most of their moments,” said Katie Mullen, chief customer officer, JCPenney. ‘Make It Count’ is our recommitment to them that JCPenney will keep putting in the effort to match theirs.”

JCPenney’s ‘Make it Count’ proposition will feature a series of lifestyle vignettes, telling customers’ stories of personal, emotional and transformational moments in their daily lives, and reinforcing how JCPenney products are part of these wonderful memories.

The company will honor its legacy by bringing back the brand’s classic logo and go to market through digital, prime time, social, in-store and print marketing materials.

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ABOUT JCPENNEY

JCPenney is the shopping destination for America’s diverse, working families. With inclusivity at its core, the Company’s product assortment meets customers’ everyday needs and helps them commemorate every special occasion with style, quality and value. JCPenney offers a broad portfolio of fashion, apparel, home, beauty and jewelry from national and private brands and provides personal services including salon, portrait and optical. The Company and its 50,000 associates worldwide serve customers where, when and how they want to shop – from jcp.com to more than 650 stores in the U.S. and Puerto Rico.

In 2022, JCPenney celebrated 120 years as an iconic American brand by continuing its legacy of connecting with customers through shopping and community engagement. Please visit JCPenney’s Newsroom to learn more and follow JCPenney on Facebook, Instagram, and Twitter.

Media Contact:
jcpnews@jcp.com

JCPenney Builds Momentum with Multiyear, Self-Funded $1 Billion Reinvestment Plan and Commitment to Make Every Day and Dollar Count for Families Across America | JCPenney Newsroom (2024)

FAQs

Who owns JCPenney now? ›

In late 2020, Simon Property Group (SPG) and Brookfield Asset Management (BAM)—two of the nation's largest property owners—purchased the company for $800 million. At the time of the bankruptcy, JCPenney held $4 billion in debt.

Is JCPenney doing better? ›

Holiday and full-year sales fell, and net income plunged. But the CEO of one of the retailer's owners says its ongoing profitability could merit an expansion.

Where did JC Penny come from? ›

JCPenney was founded in Kemmerer, Wyoming, in 1902 by James Cash Penney. The first store, named The Golden Rule, set the standard by which we have operated for over a century – to treat others as we would like to be treated.

What is the make it count strategy of JCPenney? ›

The new “Make it Count” strategy highlights four key promises to consumers: making fashion accessible, providing emotional and financial rewards for customers, standing with local communities, and treating customers as the company would like to be treated.

Is Shaquille O'Neal part owner of JCPenney? ›

Today, reports confirm that Shaq is the second-largest individual to own shares in Authentic Brand Group, which owns JCPenney, Forever 21, and, ironically, Reebok.

Who is JCPenney's biggest competitor? ›

Top 7 Competitors & Alternatives to jcpenney.com

The closest competitor to jcpenney.com are kohls.com, macys.com and dillards.com. To understand more about jcpenney.com and its competitors, sign up for a free account to explore Semrush's Traffic Analytics and Market Explorer tools.

What is the weakness of JCPenney? ›

SWOT Analysis of J. C. Penney: Strengths: Established brand, wide range of products, strong customer loyalty. Weaknesses: Declining sales, high competition, struggling financial position.

What is the future of JCPenney? ›

JCPenney's ambitious reinvestment program aims to modernize both its physical stores and online presence. The plan involves updating all 650+ stores with improved aesthetics, technology, and infrastructure.

Why is JCPenney struggling? ›

JCPenney was one of the earliest companies to offer items online in the 1990s but struggled to keep up with the shifting retail landscape amid multiple leadership changes. By 2020, it had racked up $5 billion in debt, and it filed for bankruptcy in May.

What religion was JCPenney? ›

After hearing the hymn "God Will Take Care of You", written by Civilla D. Martin, sung at a service in the hospital's chapel, he became a born-again Christian. Even after relinquishing daily operating management of the company, Penney continued his active involvement in managing the company and its stores.

Where is JCPenney buried? ›

James Cash Penney died in New York City on February 12, 1971, at the age of ninety-five. He is buried at Woodlawn Cemetery in the Bronx.

Is JCPenney still profitable? ›

The company's management, led by former Levi's executive Marc Rosen since 2021, “deserves credit for stabilizing the business,” according to Saunders. “While JCPenney is in decline, it has remained profitable and has made progress in terms of clearing down inventory,” he said.

Is JCPenney laying off employees? ›

The layoffs will affect corporate, field management, and international roles. JCPenney said on Wednesday it would cut about 1,000 jobs and shutter 152 stores as the department store chain looks to emerge from Chapter 11 protection and the COVID-19 crisis.

What is JCPenney's strategy? ›

The company is also introducing a reinvigorated customer strategy, 'Make It Count', to remind customers that JCPenney stands with them, matching their efforts to make every day, dollar and date night count. Strategic Reinvestment in Growth.

Who owns JCPenney and Macy's? ›

Macy's is a publicly traded company, beholden to stakeholders including investors, employees and customers; J.C. Penney has been private since being purchased out of bankruptcy four years ago by Simon Property Group and Brookfield Asset Management; since then, brand management firm Authentic Brands Group has acquired ...

How many JCPenney are left in the United States? ›

Penney OpCo LLC, doing business as JCPenney and often abbreviated JCP, is an American department store chain that operates 663 stores across 49 U.S. states and Puerto Rico.

Is JCP privately owned? ›

“As a privately-held company we cannot disclose detailed financial information, but we can say that JCPenney is in the best financial position we've been in years,” the retailer said.

Where is James Cash Penney buried? ›

James Cash Penney died in New York City on February 12, 1971, at the age of ninety-five. He is buried at Woodlawn Cemetery in the Bronx.

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