JC Pennys has had terrible earnings the last three quarters as had other retailers but JC Penny stores are mostly located in malls which are headed for extinction.
In the next 10 years, retail is going to change dramatically and I believe Pennys fades.
JMO...
Now I remember something about them trying to do some stand alone stores like Kohl's. But it may be too late. You are right, the retail industry is headed for big changes in the next decade. If JCP and Macy's do not make it this will further kill the commercial real estate portion of the economy.