J.C. Penney's B-T-S Strategy Seen Key To Revival
Myron “Mike” Ullman 3rd is taking pages from his old playbook in what will be a tough year ahead to revive J. C. Penney.
Ullman got at least some good news late last week when investor George Soros took a 7.9 percent stake in the retailer and Goldman Sachs reportedly lined up $1.75 billion in real estate and asset-backed financing to stabilize operations and sustain upgrades, potentially giving the Penney’s chief executive some breathing room.
The ceo has already set about reversing much of what was initiated by his predecessor, Ron Johnson, by:
• Slowing down the aggressive and costly shop rollout;
• Reviving private brands that were downsized;
• Cutting back on the tighter, contemporary fits in apparel in favor of a more classic, traditional balance for customers over 35;
• Bringing back big one-day sales and steeper markdowns and value deals while reducing everyday low pricing.
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