Posted on 05/22/2018 11:14:15 AM PDT by tcrlaf
Marvin Ellison's exit as CEO of J.C. Penney means the struggling department store chain can't be turned around, CNBC's Jim Cramer said Tuesday.
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J.C. Penney shares plunged Tuesday after Lowe's announced it is naming Ellison president and CEO, effective July 2. J.C. Penney, which has struggled to compete within the quickly changing retail landscape, told CNBC that it was informed by Ellison a couple days ago of the move.
"If there was any chance [of a turnaround], I think you would stay," Cramer said on "Squawk on the Street." "Because it would obviously be such a kick in the face of J.C. Penney to move over."
Cramer, who also said Ellison's move is "fabulous" for Lowe's, added he would not say that Marvin Ellison "failed" the department store chain because "who would not fail there."
(Excerpt) Read more at msn.com ...
Hmmm... well I do fall outside the prime demographic you note, but my kids still do shop at the mall and seem to enjoy the mall experience. They are on the low end of the prime demographic, but the mall in our area is still pretty vibrant, although you wouldn’t catch me there — ever.
From my above link:
“In February 2016, J. C. Penney launched its Support Center for U.S. - J. C. Penney Services India Private Limited in Bangalore, India.”
“At the close of 2017, J. C. Penney’s Better Business Bureau (BBB) rating is 1.08 out of 5 stars based on 47 Customer Reviews and a BBB Rating of F.[60] The company’s ConsumerAffairs.com rating is 1 out of 5 stars based on 259 reviews submitted in the past year.[61] Most of the low ratings are attributed to poor customer service.”
Gee, I wonder if those two things could possibly be related.
Even if they weren’t and leaving all else aside, why would I want to shop at a store with that bad a customer service reputation?
So Ellison’s only solution was to close MORE stores. What a CEO. There must be more idiots at Lowe’s to think they hired this imbecile.
Its Call Center used to be in Pittsburgh.. at least one of them was...
[ We received a Montgomery Ward catalog in the mail last week. It was addressed to a neighbor, the post office messed up. ]
Newman: Too many people got their mail!! Close to 80%! Nobody’s broken the 50% barrier!
Yep, that’s it. They lost a huge segment and frankly we don’t check with them every week to see if they recanted.
They need to ANNOUNCE and apologize...and if that means taking flak, so be it.
Just waiting to hear the same about Target....
I remember looking at a Smith & Wesson 659 at a T G & Y long, long ago.
Maybe 38 years ago or so.
Here’s an empirical experiment. Go to your local mall and camp out near one of the seemingly popular clothes or goods stores, preferably with a line of sight to the cash registers. Note how many people go in and do “shopping as a sport” versus how many people actually buy something.
It’s the third holder of the name. The last attempt to resurrect it went down in flames a couple years ago: https://en.wikipedia.org/wiki/Montgomery_Ward#As_online_retailer
To be fair, by then they’d pissed off so many people between the ALL GAY ALL THE TIME ads and their ‘no sales ever’ policies, I don’t think they had a choice but to close stores. Of course, they could have done other things as well, but they just went down the spiral of stupidity.
Pulled this little nugget from your link:
“In February 2016, J. C. Penney launched its Support Center for U.S. - J. C. Penney Services India Private Limited in Bangalore, India”
Mentioned at Post 42. :P
I dunno; just today, I purchased an item from HomeDepot that was ~12% cheaper than the same item on AMZ.
I live near a very nice,high end,suburban mall (Gucci,Steinway pianos,etc) and I go there daily because it’s a great place to walk.Particularly over the last year more and more of the retail spaces are vacant.I’d say that close to 1/4 of the spaces are empty now.
I couldn’t boycott JCP at the time because I hadn’t shopped there for years and they had nothing I wanted - and the stores looked like 70s rejects.
Even now? Haven’t shopped there for years and they still carry nothing I want. Stores appear to have been modernized, at least from the outside looking in.
so what? JCP would also have been doomed in Ellison had stayed ...
at the same time JCP went gay, they dropped their whole sale/coupon strategy that they had been using for decades ... THAT’S when I quit going ... so did many more in my town, since they closed the one and only JPC over a year ago here ...
“I dunno; just today, I purchased an item from HomeDepot that was ~12% cheaper than the same item on AMZ.”
even our local Ace hardware is cheaper than a lot of things on AMZ ... AMZ does VERY poorly on many hardware and tool items, since the great bulk of hand tools and hardware is being sold by affiliates, rather than AMZ themselves. Many of the affiliates mark that kind of stuff up through the roof, hoping that most people will just assume stuff is cheaper because it’s on AMZ ...
I went into a Sears within the last three months and found some really nice ladies clothes. I forgot they retailed Land’s End clothing for women. I bought three blouses, a pair of jeans and two skirts. It’s my spring wardrobe. I’m really pleased with my purchases and will go back.
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