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    JCPenney on expansion spree

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    In an effort to grow sales by $1 billion through expansion in the next five years, US-based department store chain JCPenney plans to open new stores in underserved major markets. The company also plans major renovations at more than 375 locations by 2014.

    JCPenney plans to open new stores next year in Daly City (San Francisco), California, Glenarden (Washington, DC), Maryland and Dallas.

    The company also announced the transformation of the JCPenney in-store experience through its store renovation programme. The programme is designed to highlight JCPenney’s most innovative new brands and concepts, including creating a more exciting shopping environment for customers. As part of the programme, the company has made significant in-store enhancements at more than 750 stores this year, including 76 major renovations. By 2014, the company plans to complete major renovations at more than 375 stores.

    “Across America, there are markets that offer great potential for JCPenney due to their significant moderate income populations who value the style, quality and affordability that we offer and would seek out our private and exclusive brands. Due to our strong financial position, we will be able to intensify our presence in these markets in order to capitalise on this opportunity in the years to come,” says Myron E Ullman, III, chairman and chief executive officer.

    “This work, in combination with our ongoing store renovation programme, will enable JCPenney to deliver on our goal of being an industry growth leader by maximising sales productivity in our existing locations and expanding our customer base in key markets,” he adds.

    – IndiaRetailing Bureau