JCPenney is reinvesting one billion into upgrading its fleet of 670 stores and its online business. The move to boost business comes just a few years after Marc Rosen took over as CEO.
A sign is posted on the exterior of a JCPenney store at The Shops at Tanforan on Sept. 1, 2023, in San Bruno, California.
The former Walmart and Levi Strauss executive said that JCPenney's revamped product portfolio, which includes 25 relaunched private label brands, has proven successful for its customer base, which he describes as the "working American families." "It's the core of America. It is the teachers who are teaching our kids in school, it is the construction workers who are building our homes and building the places we go to work and the medical workers who are taking care of us and of our families," he said.rise by $700 on a monthly basis, Rosen said.
In the past three years, the company has seen more than 50 million customers come through its doors, but the goal has been to get those people shopping more frequently and to visit more areas of the store, according to Rosen.Since last fall, following what has been a multi-year decline in customer frequency, Rosen said the company has seen a 5% increase in the frequency of customer visits. In some of its important customer segments, it saw a more than 20% increase.
"That gives us the confidence that we can get the product right when we focus on the customer, and we get the shopping experience right, this is going to work," he said.
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