JCP pushes long-range plan with new store expansion, renovation plans
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.
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.