JCP has been on a downward spiral for the past two years, since its been trying to move up the retail wheel but it has yet to succeed in achieving that position. JCP has not only lost stock but what was supposed to be the beginning of a new era has turned into a complete flop.
"Shareholders and creditors have increasingly lost confidence in the company, as evidenced by the recent significant decline in the company’s stock and bond prices. This market reaction is particularly alarming given the company’s meaningful improvement in liquidity following its $2.25 billion term loan financing. We strongly urge the Board to take immediate and proactive steps to improve the financial and operational management of the company." I personally believe that their idea to structure the store within a store concept was innovative for JCP, for a few months I would see a lot of construction in the stores and noticed a change even the lighting was brighter and cheerful, I really thought this would bring some change but it didn't. Citi Research analyst Deborah Weinswig said, “We found the JCP prototype store to be inviting and exciting, with brighter lighting and ample mannequins to better showcase an impressive array of trendy product.” She also said that she believed that the “new JCP will offer a shopping experience unlike any other in apparel retailing.” Unfortunately, his idea only lasted for 17 months of being CEO, what he wanted was to create an innovative trendy retail store but it is hard to do when JCP already has a ground as traditional as its roots. I believe he should of worked internally to target a more family-oriented target rather than the trendy boutique he was going for, although I liked the idea just not for JCP. I believe he was driven by POP culture and he did an incredible job with Apple because he started from the bottom with them, yet JCP already had a core foundation. He should have marketed a family oriented market and I think honestly I would have added some cafe similar to that of Nordstrom's and Macy's that have a cafe. That always welcomes family's as well as a hang-out place that invites you to shop and not feel the pressure to buy something but you do. "Now Ullman is trying to win back customers who decamped in droves after Johnson axed most discounts for an everyday low pricing model. Deals are back and feature prominently in advertising, which under Johnson sought to persuade shoppers that J.C. Penney was drop-dead cool. Ullman even greenlighted an ad that acknowledged mistakes and pleaded for customers to return". It is a rocky road for JCP, now having to go back and forth with figuring out who to target and how, I think they should really research which target market is the future of JCP and by doing this they will have knowledge of how to target them the right way. Definitely stick to a family market and target mom's but also their ad campaigns should be on trend.
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