JCPenney is betting big on its latest turnaround plan.
The beleaguered retailer says it plans to spend over $1 billion by the end of 2025 to update its stores and online operations as it looks to compete in the modern retail world.
Stores will be remodeled, the company’s supply network will be made more efficient (allowing online orders to be delivered faster), and the online shopping site and app will receive a refresh, according to an announcement on Thursday.
“JCPenney is on strong financial footing and is steadily increasing relevance and frequency with our core customers,” said CEO Marc Rosen in a statement. “We are poised for continued growth and know that the surest path to success is by focusing on our customers.”
Among the changes shoppers can expect is a single area of cashiers, rather than them located throughout the store. Lighting will be brighter and store employees will have mobile devices, letting them scan inventory and ring up shopper purchases. Over 100 stores have already seen the changes enacted.
Private-label clothing brands J.Ferrar and Worthington are being reimagined via a partnership with stylist Jason Bolden. And the classic JCPenney logo will return as well.
“In the past, you’ve seen the company chase shiny objects and try to come out with a ‘big bang’ solution,” Rosen told Coins2Day in March of this year. “This time, we’re saying we’ve got to fix the foundation.”
JCPenney currently has about 665 stores, down from its peak of 1,100 a decade ago. Many were closed from its bankruptcy filing. Now privately held, it’s not as high-profile as in the days when it was second only to Sears as the country’s largest retailer, but new owner Simon Property Group says it is “unbelievably profitable,” and consulting firm Kantar says it had sales of nearly $9 billion last year.
