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Transformation will begin February 1
Department store operator JCPenney (Plano, Texas) shared plans to become “America's favorite store” under the new direction of Ron Johnson, who assumed the ceo post last fall. In a presentation titled "In Praise of Fresh Air," Johnson and JCPenney president Michael Francis detailed a number of initiatives that the company plans to implement starting in February.
"The department store is the number one opportunity in retail today. We are going to rethink every aspect of our business, boldly pursue change and create long-term shareholder value,” says Johnson. “Every initiative we pursue will be guided by our core value to treat customers as we would like to be treated - fair and square.”
Part of the transformation calls for an overhaul of JCPenney's store fleet over the next four years through a month-by-month, shop-by-shop roll-out of new merchandise initiatives. The reinvented store experience, called Main Street, includes merchandising the entire store through a series of 80 to 100 brand shops, as well as a Town Square that replaces the traditional retail center core with a series of services. The retailer also plans to add several new brands to its offering, including Martha Stewart and l'amour nanette lepore.
During yesterday’s launch in New York, the company also unveiled a new brand identity, pricing strategy, logo (above) and spokesperson, Ellen DeGeneres. New brand marketing efforts will include a new monthly book, as well as in-store signage and presentation. Stores will begin displaying the new logo, pricing strategy and in-store signage in February. Then in August, the 100-year-old company will start updating its stores by adding two to three shops each month, over a four-year transformation period. The company plans to have all the initiatives in place by the end of 2015.
"We are redefining the JCPenney brand so we become a store for all Americans, by offering an experience they cannot get anywhere else,” says Francis. “Our objective is to make our customers love to shop again and across JCPenney, we're very excited about the changes to come."
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