Posted on 04/10/2013 4:52:44 PM PDT by jimbo123
It’s official: Apple is out of fashion at JCPenney.
Three top proteges of former Penney CEO Ron Johnson — all of whom boasted stints at Apple on their resumes — exited the retailer today, The Post has learned.
Chief Operating Officer Mike Kramer, Chief Talent Officer Daniel Walker and Chief Creative Officer Mike Fisher kicked off an exodus of high-profile Johnson hires that is expected to continue in the wake of his ouster, sources said.
Kramer — who said publicly earlier this year that he “hated the culture” at Penney — resigned as interim CEO Mike Ullman this week began to sharpen his ax, according to a source close to the retailer.
(Excerpt) Read more at nypost.com ...
Johnson still has $107 million dollars in Apple stock.
As Bond said to M, "you want me to be half hit man and half monk."
I think that is what's called for, actually.
Will Apple take him back? It’ll be interesting to see where he goes. He’s the guy behind the smashing success of Apple Stores. Only a fool could believe that his formula would translate well into a chain selling socks and underwear.
Maybe Ackman's a flash-in-the-pan just like this guy.
Seems that Penney could leverage the brand ala L.L. Bean with clicks-n-bricks, if they developed a unique value proposition.
Funny, in a way, JCP was actually a predecessor to the Amazon model, as much of their sales in the past was from catalog purchases. I'd venture that prior to the '80's many people only set foot in a Penny's store to pick up or return a catalog order.
JCP also used to have decent quality men’s business suits and shirts at a good price. Now the quality is terrible.
So you hate Apple. How interesting. How original. Don’t tell us more. YAWN!
“I for one like the Amazon model. No bricks and mortar...just wire and warehouses. “
Unfortunately the financial returns on the Amazon model are extremely low. Fourth quarter 2012 (quarter ending Jan 29, 2013) Amazon’s net income was $97 million on sales of $21.3 billion, a return of less than 1/2% of sales. For first quarter 2013 Amazon projects sales of $16.6 billion and earnings of $65 million, again less than 1/2 percent of sales.
For the roughly comparable quarter (Apple’s first quarter 2013 ends December 29), Apple earned $13.1 billion on sales of $54.5 billion. A 24% return on sales.
As a shareholder I prefer the Apple economic model.
Has anyone else noticed that either Family Dollar or Dollar General have been opening a lot of new stores lately?
I stopped by one, I can’t remember which is which, and could not see any real reason for it’s existence except when they are in places too small for Wal-Mart but all the ones I have seen open recently were in towns which already have a Wal-Mart.
I do remember my Mother used to shop at them and she was a very shrewd shopper.
BTW, return on sales is irrelevant to Amazon. Look at (consistent and future) return on investment.
Walmart in miniature.
I stopped at one of them a couple of weeks ago in a city adjacent to where I live. Same store name - Dollar Tree, I think - but different stuff. This one did not have any frozen food but did find a few things made in USA like toothpaste, hand lotion, and some awesome ginger snap cookies made right here in Texas. Also the only place I can find Household Ammonia which I use for cleaning as our local stores no longer carry it. Canned veggies are only $.79 a can and generally Del Monte but just horrible.
Take that to the bank, sir.
When there is no upper-middle class, there can be no Macy’s types that serve that market.
From what I’ve seen they are pretty competitive on price.
Like you say they are in a lot of places - with $4 gas folks can put a value the location.
You can park at the door, and not have to walk a long way inside either. That’s a plus for the elderly, handicapped, obese, etc.
I still refuse to shop at J.C. Doesn't matter if the management changes. I used to shop there, too, once upon a time.
I don't think the Calif legislature can cancel my citizenship
Just today I was leaving our most recently built shopping center, in a new, attractive and stable location.
I noticed several signs advertising "space and pads" available [for additional retail sales.]
I predict those will NEVER be leased so long as Obama's "new normal" business model exists. When entrepeneurs understand that in addition to rent, inventory and advertising, the next business largest expense is supporting Obama's Brave New World, and its army of indolent parasites with their hands out...
...before he can even think about a profit.
Not to mention egregious, capricious tens of thousands of constantly changing, unproductive and expensive regulations that must be paid even if the sales are zero!
Any new businesses here or anywhere else country-wide hasn't a prayer of starting under those conditions. Zero.
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