J.C. Penney
From Wikipedia, the free encyclopedia
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This article is about the department store. For the founder, see J. C. Penney.
| J. C. Penney Corporation, Inc | |
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| Type of Company | Public (NYSE: JCP) |
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| Founded | 1902 (Kemmerer, Wyoming) |
| Headquarters | Plano, Texas, USA |
| Key people | James Cash Penney, Founder William Henry McManus, Co-Founder Myron E. Ullman, Chairman & CEO |
| Industry | Retail |
| Products | Clothing, footwear, furniture, jewelry, beauty products, electronics and housewares. |
| Revenue |  US$18.781 billion |
| Slogan | "It's all Inside" |
| Website | www.jcpenney.com |
J. C. Penney Corporation, 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 of Dallas. The company operates 1,050 stores in all the U.S. states and Puerto Rico. Until 2004, J.C. Penney also operated Eckerd Drugs and fifty department stores in Central and South America.
The company competes on an average price level on par with Sears and Kohl's. However, the company competes below Belk, Dillard's, Macy's, Bloomingdale's, Neiman Marcus, Nordstrom, and Saks Fifth Avenue.
In addition to sale of conventional merchandise, J.C. Penney is also home to several leased departments such as Optical, Portrait Studios, Jewelry & Watch repair, etc.
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[edit] History
J.C. Penney was founded in 1902 by James Cash Penney and William Henry McManus. The original name for the store that started J.C. Penney in the dry goods business was the "Golden Rule Store", but was changed to J.C. Penney in 1913, when Penney accepted a majority ownership of the chain, William McManus still being a partner. The mother store is located in Kemmerer, Wyoming.
In 1909 the company headquarters were moved to Salt Lake City, Utah. [1]
In 1914 the company headquarters moved again, to New York City.
In 1988 the company headquarters was relocated again, to Dallas, Texas, then Plano, Texas.
In 1998, J.C. Penney 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. In 2005, J.C. Penney's e-commerce storefront exceeded the one billion dollar revenue mark for the first time.
Today, most J.C. Penney 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, J.C. Penney relocated its stores to shopping malls. However, in recent years, the chain has been following a retailing trend in opening some standalone locations.
[edit] Controversy
- J.C. Penney found itself the focus of a boycott when the company pulled advertising from the sitcom Ellen in 1997, which it deemed "controversial."[2] The company was not the only one to pull ads; other companies included Wendy's, General Motors, Chrysler, as well as Johnson & Johnson.
[edit] Current
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 J.C. Penney to focus on private brands such as St. John's Bay, Worthington, nick(it) and Arizona Jean Company, which accounted for forty percent of revenue in 2005.[citation needed] It has streamlined its catalog and distribution while undergoing renovation improvements at store level.
In October 2006 there were talks of J.C. Penney purchasing HeroClothing.com
