JCPenney, Inc. is accelerating its plans to transform the company to become “the first choice for American families” with a target of having annual sales of $23 million by the end of fiscal year 2014, an increase of $5 billion from current day sales.
At its 2010 analyst/investor meeting in New York City, the company released its plans that cover a period through the end of the 2014. Its updated long-range plans include:
• being its customers’ favorite destination for stylish apparel, accessories and home fashion, inspiring existing customers to shop more with us and accelerating growth among a younger (25-44 year old) customer base;
• consistently delighting customers with merchandise and services that create a sense of discovery and excitement at each shopping visit;
• being the preferred choice for a retail career for associates by continuing to build a company culture that fosters innovation and teamwork;
• industry growth leadership for shareholders, investing resources that support sales growth and enhance shareholder value.
“It’s a new day at JCPenney thanks to the steps we have taken to be a style destination, to develop sophisticated technology and tools to manage our business, and to be in an exceptionally strong financial position,” said Myron E. (Mike) Ullman, III, chairman and chief executive officer. “We are now focused on taking our transformation to the next level by introducing new initiatives in support of our vision to be America’s favorite shopping destination for great styles at compelling prices. As we do this, we intend to drive profitable sales growth, enhance our financial performance and achieve industry leadership.”
Ullman said capital expenditure levels are expected to increase over the period to include new store growth as the commercial real estate market and consumer economy recover. In the early years of its plan, capital expenditures will be focused on ongoing existing store renovation and the continued rollout of the highly successful Sephora inside JCPenney concept.