JCP pushes long-range plan with new store expansion, renovation plans
Retail Editor 7 -- Home Textiles Today, September 28, 2010
Plano, Texas - J. C. Penney Company is expanding its presence in several major markets with new stores - a "key component" of the retailer's long-range plan for the next five years, which is designed to generate $1 billion in sales growth over the period.
JCPenney plans to beef up its presence in markets with "significant moderate income populations." The roll out begins in 2011 with the opening of three new JCPenney stores in Daly City (outside San Francisco), Calif., Glenarden (Washington, D.C. region), Md., and Dallas.
An ongoing renovation program calls for "significant in-store enhancements" this year at more than 750 locations. Of those, 76 will be major renovations - including a new 1,500-square-foot Sephora boutique, bringing the total number of JCP in-store Sephora locations to 231 by year-end.
By 2014, the company expects to have completed renovations for at least 375 stores.
JCP is investing $160 million in the project as part of its $500 million of expected capital expenditure for the year.
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