The JCPenney sign lights up the entrance to a store in Frisco, Texas, Wednesday, Aug. 30, 2023. The retailer is reinvesting more than $1 billion into the storied but troubled 121-year-old department store business by the end of 2025 to remodel its stores, upgrade its online shopping site and app and make its supply network more efficient to speed up online shipping among other plans.
“Now is the time more than ever to lean into that and make sure that we’re delivering that experience for our customer,” Rosen said in an interview with The Associated Press. That’s a change of tactics from previous management teams that pursued wealthier shoppers with offers of trendy items and major appliances.
The chain's core customers are budget-conscious families, whose median income ranges from $50,000 to $75,000. They've been particularly hit hard by higher costs basic items and high interest rates, making borrowing on credit cards and taking out a mortgage more expensive. Under new owners — mall companies Simon Property Group Inc. and Brookfield Property Partners LP — JCPenney shuttered nearly a quarter of its 850 stores. It now has roughly 650 stores. It has less than $500 million in debt, down from nearly $5 billion at the time of its bankruptcy filing, Rosen said.
The retailer launched new store label brands like Mutual Weave men’s clothing and reintroduced some national brands like Adidas. It launched national labels such as Forever 21, owned by Authentic Brands Group LLC, which has a minority stake in JCPenney. It also teamed up with celebrity stylist Jason Bolden to recreate collections for two of its store label brands, J. Ferrar and Worthington, a long-time brand it brought back.
“That's showing us that if we get the basic relevant experience right, then they’re going to come to us more frequently because they know the brand, they’re shopping us already and they’re now starting to shop across more areas of the store and come more frequently, ” he said.
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