Turnaround of JC Penny |
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"In the march of years, however, the emphasis widened to include a variety of other businesses as the stores swelled with an ever-increasing range of merchandise including an emphasis on value fashions. With those changes, the difference between JCPenney and its competitors narrowed"1. - Bill Hare, 'Celebration of Fools: An Inside look at the rise and fall of J C Penney,' Amacom, 2004. We are very pleased with the improvements we continue to achieve in our business. Our (2004-05) results reflect the impact of effective merchandising programs, including transition of seasonal product, compelling marketing and continued improvement in the shopping experience in our stores.2 - Myron Ullman, Chairman and Chief Executive Officer, J C Penney Company, Inc. in 2005. Introduction
As part of this program, JCP centralized its buying process, sold off the Eckerd drugstore chain that it owned, aligned its HR practices with its business goals, and tried to position itself as a trendy yet value offering retailer.
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1] Bill Hare, "Celebration of Fools,"Amacom,
2004.
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