J.C. Penney to Expand Markets, Renovate Stores
PLANO, Texas-J.C. Penney said it will expand in major U.S. markets that offer potential due to their demographic profiles, and will begin a store-renovation program that will extend over the next four years.
The initiatives are part of the department-store retailer's Long Range Plan, which is intended to produce $1 billion in sales growth over the next five years, according to a company statement. The market expansion will begin in 2011 with the opening of J.C. Penney stores in the San Francisco, Washington and Dallas markets. As part of the renovations, J.C. Penney has made what it described as "significant in-store enhancements" in more than 750 stores thus far this year, including 76 major renovations, and will complete renovations at more than 375 stores by 2014.
The renovation program is designed to highlight J.C. Penney's new brands and concepts, and to create what the retailer called a "more exciting shopping environment." Myron Ullman III, chairman and chief executive officer, said the market expansion, "in combination with our ongoing store-renovation program, will enable J.C. Penney to deliver on our goal of being an industry growth leader by maximizing sales productivity in our existing locations and expanding our customer base in key markets."