Yeah, but how much were you really going to buy at Penney's anyway? I know for us, pretty much anything we'd have bought at JCP twenty years ago, we now buy at BJ's, Costco, Target, or Walmart when we're doing the grocery shopping or else we'll stay home altogether and get it on the internet. Unfortunately for stores at the JCP price point, the business model is a dying one.
I think Kohls has had some success because of their location in strip malls, the easy front of the store registers, and their extended hours (when compared to a traditional mall store).
I agree with your thesis.
That segment of retail is shrinking fairly quickly and some of the weak must die.
JCP will join Circuit City, Woolworth, Service Merchandise, etc in the graveyard of retailers.
I wouldn’t be surprised to see Sears there too along with corp sibling KMart.
I never shopped at BJ’s, Target, or Walmart or Kohl’s. I did shop at Costco but that ended years ago. Both the wife and I both shopped at JCP so I would say we spent quite a bit there over the years. No more.