JCPenney
| File:JCPenneyLogo.png | |
| Company type | Public (NYSE: JCP) |
|---|---|
| Industry | Retail |
| Founded | Kemmerer, Wyoming (1902) |
| Headquarters | Plano, Texas, USA |
Key people | James Cash Penney, William Henry McManus, Co-Founder, Founder Mike E. Ullman, Chairman & CEO William J. Alcorn, Executive Vice President |
| Products | Clothing, footwear, furniture, jewelry, beauty products, electronics and housewares. |
| Revenue |  US$18.781 billion |
| Website | www.jcp.com |
Template:Two other uses J. C. Penney Company, Inc (NYSE: JCP; most commonly known today by the name JCPenney or simply Penney's) is a mid-range chain of American department stores based in Plano, Texas, a suburb north of Dallas. The company operates 1,067 stores in 49 of the 50 U.S. states (except Hawaii) and Puerto Rico and the largest general merchandise catalog business in the United States.
In addition to sale of conventional merchandise, JCPenney stores are often home to several leased departments such as Optical, Portrait Studios, Jewelry & Watch repair, etc.
History
The Golden Rule
JCPenney was founded in 1902 by James Cash Penney and William Henry McManus. The original name for the store that started Penney in the dry goods business was The Golden Rule, but was changed to JCPenney in 1917 the same year Penney stepped down as President. The mother store is located in Kemmerer, Wyoming, and still operates as of 2008, albeit with hours significantly shorter than many of its other store locations.[1]
J.C. Penney Company
In 1909, JCPenney relocated the headquarters to Salt Lake City, Utah to be closer to banks and railroads and again in 1914 to Buffalo to simplify the buying, financing, and transportation of goods. By 1917, the company operated 175 stores in 22 states in the United States. JCPenney acquired The Crescent Corset Company in 1920, the company's first wholly owned subsidiary. In 1922, the company's oldest active private brand, Big Mac work clothes, was launched. The company opened its 500th store in 1924 in Hamilton, Missouri, James Cash Penney's hometown. By the opening of 1,000th store in 1928, gross business had reached $190,000,000. In 1940, future billionaire and founder of Wal-Mart, Sam Walton, began working at JCPenney's Des Moines, Iowa store. Sam Walton later went on to found future retail giant Wal-Mart in 1962. By 1941, the company operated 1,600 stores in all 48 states. In 1956, JCPenney started national advertising with a series of advertisements in Life Magazine. JCPenney credit cards were issued and accepted at its stores for the first time in 1959.
The Treasury, Catalog, and Full-line stores
In 1962, JCPenney entered discount merchandising with the acquisition of General Merchandise Company which gave them The Treasury. JCPenney closed the money losing discount stores in 1981. In 1963, JCPenney issued its first catalog. The company operated in-store catalog desks in eight states. The catalogs were distributed by the Milwaukee Catalog distribution center. The company also opened its first full-line department stores in 1963. Those stores were located in Audubon, New Jersey and King of Prussia, Pennsylvania. Those two stores broaden the lines of merchandise and services that a typical JCPenney carries to include appliances, sporting goods, garden merchandise, restaurants, beauty salons, portrait studios, auto parts and auto centers. In 1966, JCPenney finished off the country's 50 states with the opening of its Honolulu, Hawaii store.
1969-1979
In 1969, the company acquired Thrift Drug, a chain of drugstores headquartered in Pittsburgh, Pennsylvania. It also acquired Supermarkets Interstate, an Omaha-based food retailer which operated leased departments in JCPenney stores, The Treasury stores, and Thrift Drug stores. On February 12, 1971, James Cash Penney died at the age of 95. In respect of James Cash's death the company's stores were closed for half a day. In 1971, the company adopted the famous JCPenney logo which was used for 36 years. In 1977, JCPenney sold its stores in Italy to La Rinascente and also removed its Supermarkets Interstate leased departments. In 1979, the Visa card began to be accepted in JCPenney stores. MasterCard was accepted the following year.
In 1978, the J. C. Penney Historic District in Kemmerer, Wyoming, was designated a U.S. National Historic Landmark.
1984-1997
In 1984, JCPenney acquired the First National Bank of Harrington, Delaware and renamed it JCPenney National Bank. With the bank the company became able to issue its own MasterCard and Visa cards. The company also began accepting American Express cards. The company headquarters were relocated again in 1987 to Dallas, Texas. After several years of development, the JCPenney Television Shopping Channel appeared on cable systems beginning in 1989. In 1990, the company broke ground on the company's new corporate headquarters in Plano, Texas. It was completed in 1992. When Sears closed its catalog business in 1993, JCPenney became the largest catalog retailer in the United States. In 1996, the company expanded its drug store business with the acquisition of Fay's Drug and Kerr Drug. These acquisitions momentum climaxed with acquisition of the Eckerd chain in November. Fay, Kerr, and Eckerd merged into JCPenney's drug store subsidiary Thrift Drug. Fay, Kerr, and Thrift drug stores were re-branded Eckerd in 1997.
1998-2005
In 1998, JCPenney launched its third channel for shopping convenience. Its Internet store has grown into one of the largest apparel and home furnishings retail sites on the Internet. Among its general merchandise peers, the online store has the highest rate (10.1%) of converting site visitors into buyers.[citation needed]. In Early 2001, JCPenney closed 44 underperforming stores. On April 14, 2002, JCPenney celebrated 100 years as a retailer. In 2003, the company opened three free-standing stores in strip centers. These stores were located in Texas, Minnesota, and Indiana. The company added 14 more stores in 2004. In 2004, the company exited the drug store division after 35 years, with the sale of its Eckerd division. In 2005, JCPenney's e-commerce storefront exceeded the one-billion-dollar revenue mark for the first time.
Today
Today, most JCPenney stores are located in suburban shopping malls. Previously, most stores were located in downtown areas. As shopping malls became more popular in the latter half of the 20th century, JCPenney relocated its stores to shopping malls. However, in recent years, the chain has been following a retailing trend in opening some standalone stores, including some next door to competitors. Certain stores are located in power centers and can be considered "big-box stores". The company is an Internet retailer and has undergone significant institutional changes to compete in the ever changing retail landscape. Increased competition from big box retailers like Wal-Mart and Target have forced JCPenney to focus on private brands such as St. John's Bay, Worthington, and Arizona Jean Company. It has streamlined its catalog and distribution while undergoing renovation improvements at store level.
In 2007, JCPenney launched the Ambrielle lingerie label, and became their largest private brand launched in JCPenney history. [1] Also a re-introduction of cosmetics included the installation of Sephora inside JCPenney located in some key stores. Beginning in 2007 the store slogan changed from "It's All Inside" to "Every Day Matters", with the new slogan and associated ad campaign launched in television commercials during the 79th Academy Awards in late February 2007.
After JCPenney sold off Eckerd in 2004, the locations that continued to operate as Eckerd (some locations in the Southern U.S. were sold to CVS Corporation) still had JCPenney Catalog Centers inside the stores (which was a carryover from locations that were once Thrift Drug) and also continued to accept JCPenney credit cards. After Rite Aid finalized its acquisition of Eckerd in 2007, the Catalog Centers inside the soon-to-be-converted Eckerd stores permanently closed, although as a result of the acquisition, Rite Aid now accepts JCPenney credit cards, even at Rite Aid locations that existed before the takeover of Eckerd.
In November 2007, the company launched a new public website JCPenneyBrands.com, which covers the company's private and exclusive brands, and their branding strategy, with a preview of an upcoming product line.
Future
In February 2008, the company launched the "American Living" brand, as developed by Ralph Lauren, across several product lines, including Men's, Women's, and Children's Apparel and Shoes, Intimate Apparel, and Home. The launch, which was accompanied by an ad campaign during the 2008 Academy Awards, was the company's largest private brand launch.[2]
Slogans
Here are a few of JCPenney's slogans from the past and present.
- A Nationwide Institution (1920s)
- Always First Quality
- We Know What You're Looking For (Early 1970s)
- You're Looking Smarter Than Ever
- Where Fashion Comes to Life
- This Is JCPenney (1980s)
- Doing It Right (Early 1990s-1997)
- I Love Your Style (1997-1998)
- Fun.Different.JCPenney (1999)
- It's All Inside (1999-2007)
- Every Day Matters (2007-present)
References
- ^ "2006 JCPenney Annual Report". Retrieved 2007-08-18.
- ^ "Business Wire Press Release". Retrieved 2007-11-10.