Posted on 03/01/2013 4:44:33 PM PST by PJ-Comix
JCPenney, the storied if unglamorous retailer, is in trouble. Big trouble. Fourth-quarter earnings results came out on Wednesday and they were terrible. The bad news starts with a quarterly loss of $427 million, but it doesn’t end there. Comparable store sales—meaning stores that were open this past quarter and also open in the same quarter of the previous year—fell by a mind-boggling 32 percent. Henry Blodget says it may have been the worst quarter posted by any retailer ever.
It wasn’t supposed to be this way. JCPenney made a big splash in the retail world by hiring Ron Johnson, mastermind of Apple’s retail operations, as CEO. He immediately set about to reorganize the stores, and imported Apple concepts, most notably a “no discounting” policy geared around convincing customers that the everyday price is a great price. The results seemed to speak for themselves, but I was curious. After all, I’ve never given the “new” JCPenney a try. Perhaps Johnson is a visionary genius who’s reinvented the department store, and the world just isn’t ready for him. Perhaps he’s the victim of bad luck. Perhaps shareholders just need to hold on and have faith.
(Excerpt) Read more at slate.com ...
They used to have some really good coupons and sales at Penney's but no more. That is why I haven't shopped there in a long time. Give me COUPONS and sales and I'll be back. But NOT until then.
Johnson things he is going to make JC Penny a store full of boutiques.
I think he is pissing in the wind.
Foolish man tried importing Apple concepts to a store with lots of competition. I hear (WSJ) he’s backing off, there’ll be discounts, and claiming that his strategy hasn’t changed!
If Ron Johnson wants me back in Penney's, he has to give me deals like that again.
“JCPenney made a big splash in the retail world by hiring Ron Johnson, mastermind of Apple’s retail operations, as CEO.”
He was pushed out of Apple for a reason.
Yes, pushed. Hard & abrupt.
I go to our local Penney’s about every six month, usually for jackets or slacks. Last time I went, the inventory was half of what it was before, much more limited selection. And it did look like a boutique. Probably won’t go back.
I try to avoid companies that promote or support faux marriage (a.k.a., “gay marriage”)
Someone correct me if I’m wrong, but I didn’t see any mention of the boycott taking place because JCP’s new pro-homosexual image with Ellen DeGeneres as their spokesperson. Could be that is also what is causing their sharp drop in sales? That’s the reason why I never go there.
I haven’t been in one in years, but yes, what regular people want is discount retailers, not high end prices on everyday kit.
Agree
They’re toast.
Ellen is the reason I don’t go to JCP, nor do I watch her TV show, when it comes on I swiftly change channels. Also, in the past when the catalog cover featured same sex couples it was my decision to avoid all departments of the business.
I went there last fall looking for a suit. I never did find a sales rep so I left. The only employee I saw was one guy at the checkout register.
Hey, last year, about this time, I bought 15 2X tall flannel shirts at JCP. For two bucks each. Kept ten for myself and gave five to my cousin.
The message to corporations: Go gay, you will soon go away.
One trick pony syndrome. This pony won’t hunt!
That is why Nordstrom is my favorite store.
Our local JCP used to have an middle aged white guy working there who was a real expert on suits. He really took his time with you trying to find the right suit type and fit. This guy struck me as a throwback to an earlier time (1950s) in retail, but it was nice having someone who really knew his stuff. As opposed to some twentysomething.
I wonder what is going to happen to Lord and Taylor
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