After the bankruptcy in 2020, JCPenney, a 121-year-old retailer, is steadily returning to glory. Their decision makers are good at using resources and focusing on their core business, avoiding the disastrous consequences caused by subversive “reform” measures taken by some retailers.
Clothing and home have always been the core areas of JCPenney. The management of the company has grasped the newly-grown customer groups and made the century-old stores more “young”, which has become the business objectives of these two core areas. In the field of household goods, JCPenney has accurately grasped the consumer groups of college students. These young people are not only active consumer groups at present, but also loyal customers in the future. In the past five years, JCPenney has launched 10 series brands in the field of clothing and home furnishing, and developed more “young businesses”.
In order to seize the peak season of back-to-school sales, JCPenney recently launched Forever 21 brand household items and put them in a conspicuous position in the store. Forever 21 has as many as 55 kinds of bed textiles and bathroom textiles. Pillows and plush bedding, which are indispensable in young people’s rooms, are very popular, perfectly capturing the wallets of college students who pursue independent life. I have to say that JCPenney, an “old guy”, really understands young people and knows how to seize market opportunities. Even the management of the company admits that JCPenney’s household goods business is experiencing a strong growth year.
The bankruptcy of Bed Bath & Beyond also benefited JCPenney. This old enemy has been fighting for many years in the field of household goods and has gone bankrupt. The difference is that BBB’s drastic radical reform cut down the company and finally changed its own life. JCPenney has won the support of commercial real estate tycoons by relying on heavy accumulation. Instead of completely closing the door, it has steadily and steadily increased its physical store and online sales, and gradually recovered its vitality. JCPenney focuses on a solid foundation and looks forward to greater achievements. Marc Rosen, CEO of the company, said: “In the next five years, people will see a stronger JCPenney.”
Post time: Jul-21-2023