Boston, MA 12/13/2013 (wallstreetpr) – J.C. Penney Company, Inc. (NYSE:JCP), it appears has finally found its moorings. For the once popular retail store in branded wear had lost its ability to catch footfalls and translate into high sales.
Industry experts attribute the fall of the once-successful retailer to the ill-conceived strategies and marketing novices. Where JC Penney was once selling distinguished style, comfort and presentable products, much loved by a cross-section of consumers it suddenly moved into a new-experimental stage with too many events and developments occurring simultaneously.
This led to confusion and customers grew tired of the unequitted changes, which were largely for the worst.
From being a branded store, which sold names familiar to them like Joe Fresh or Martha Stewart the quick and ill-fated move to store-within-store for beauty and health care products, besides lifestyle, simply had the opposite effect.
Footfalls went from a few hundred to near zero.
BlackFriday too was near miserable with even Macy’s showing higher sales turnover.
What ails JC Penney
At J.C. Penney Company, Inc. (NYSE:JCP) the simple problem is that, the simple things which brought success to the company had been meddled with. Besides, the new changes, more times than not have proved to be directionless, leading to further loss of even trusted clientele.
Again ill-thought-of promotions and offers, such as a 20% discount on in-store credit cards, when 15% discount was already being offered to walk-ins just added to the woes.
Working a turnaround
J.C. Penney Company, Inc. (NYSE:JCP) poor show on Cyber Monday, besides BlackFriday have at least triggered new phase of movement in the company.
Chief Executive Officer Mike Ullman has said that the first step would be to forgo with some of the experiments. Instead the older and trusted features would be brought back, with Liz Claiborne and J.Farrar back on the shelf’s of JC Penney stores!