Posted on 11/09/2012 6:42:34 AM PST by SoFloFreeper
J.C. Penney Co Inc (JCP) reported a sharper-than-expected decline in quarterly sales at stores open at least a year as shoppers continued to snub the retailer after it got rid of most coupons and sales earlier this year.
The company, which is in the early stages of a multiyear turnaround, said on Friday that same-store sales had fallen 26.1 percent, while analysts had expected a decrease of 17.9 percent. Shares of the department store chain dropped 7 percent to $20.18 in premarket trading.
Penney has eliminated most coupons and sales events and plans to transform about 700 of its 1,100 stores into a collection of 100 boutiques, such as Levi's Denim Bar, by 2015.
(Excerpt) Read more at foxbusiness.com ...
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≤)B^)
All I know is this: JC Penney doesn’t like people like me...
That’s their right. It’s a free country.
It’s also my right NOT to shop there... and I don’t.
Newspapers are doing great with the ‘giving the finger’ to the half the population that’s conservative. Same with Hollywood movies and News magazines. They don’t like us - we don’t buy their products. Works for me.
Actually, I'm sitting in my office @ work dressed in height of Gay C. Penney fashion. I've really bought a lot of clothes from them through the years and they have not yet worn out. It was really stupid of them to alienate customers like me and pander to the homos. But, I work for a company that has embarked on a similar path (the owner is gradually turning over operations to his arrogant prick son who keeps trying to re-invent the wheel as he drives away customers); so I recognize JCP's sort of arrogance and hubris when I see it.
BTW, I'd change my screen name; but I'd have to re-register and I'd appear to be a noob.
From a purely business perspective, JCP should have targeted the media venues that would best reach the demographic represented in the ad, instead of pretending it was good marketing for every demographic.
Critics may then be right, that they have hurt their own market in general family oriented middle class folks. I don’t think Kohls has had any drop in their sales and their target market is very similar to JCP; and I don’t remember seeing “Gay” focused ads from Kohls in my mailbox.
JCPenneys used to attract all the Latino business.
No more. All the products, coupons, and products which they previously were attracted to perform the majority of their home sales have been discontinued. Now it’s all a ‘boutique’, with minimal stocking.
Why would their clientele go to JCPenney’s for boutique name brands only to have the JCPenney label? Visa versa, why bother going to JCPenneys when they no longer have affordable clothing for the whole family?
Their management must be striving to earn the most incompetent business decision awards.
It’s not just the homo crap. They used to have decent clothes at decent prices, particularly for us “big & tall” types. Last time I wandered into the local JCP (to see if anything was on clearance, of course) there was nothing there that I would have bought at any price - all high priced metro-looking crap. As pathetic as their pandering to people who wouldn’t be caught dead in JCP was, they would still have a base if they had kept their long-term customers happy.
I got one, too. Used it to buy a pair of lightweight cotton sweatpants to wear around the house and a blue t-shirt off the clearance rack. Had to pay an extra 97 cents for the purchase.
Maybe FreeRepublic can give out awards once a year. I like the idea of Penney's getting the 'most incompetent business decision' award. Your point about their attempting to be a 'boutique' while still selling Penny brands is a hoot. Good catch.
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