It is no secret that JCPenney is closing hundreds of store locations nationwide. This decision is just the latest in their monthslong restructuring process to adapt to the tumultuous retail landscape. The retailer’s recent move to shutter even more shops indicates that’s changed. This decision continues a trend of rash closures in recent months and comes just days after its January merger with SPARC Group. Today, JCPenney operates more than 1,050 of these smaller locations throughout the continental United States and Puerto Rico. This is a deep cut from its historical averageness.
We know that the competitive retail landscape has been under extreme duress, with many of their competitors closing up shop. Macy‘s closed over 60 locations in April, while Kohl‘s shuttered nearly 30 stores at the end of March. While these changes may seem surprising, they’re indicative of the immense pressure today’s traditional retailers are facing. As consumer shopping habits continue to change, online shopping continues to lead the way.
Founded more than 120 years ago, JCPenney opened its first store in Kemmerer, Wyoming in 1902. Today, Catalyst Brands has an impressive and dynamic portfolio. It features pretty household names such as Aéropostale, Brooks Brothers, Eddie Bauer, Lucky Brand and Nautica. This latest addition to its portfolio helps JCPenney diversify its offerings and better meet the evolving demands of the marketplace.
Besides its brand partnerships, JCPenney created private labels such as Arizona, Stafford, and Liz Claiborne. These brands have been essential in drawing a wide-range customer base and keeping their brands competitive in the market.
Even in the face of these closures, JCPenney continues to look forward in delivering value to its customers and associates. The company thanked its devoted customers and hardworking staff across its locations for the support they’ve shown over the years.
“We are grateful to our dedicated associates and the loyal customers who have shopped at these locations, and we hope to continue serving them throughout our nearly 650 stores nationwide and online at JCPenney.com.” – JCPenney
JCPenney is moving forward into this new chapter post-merger. As it hopes to succeed, the company will need to leverage its strengths, including its widely-recognized private brands and strong multiplier from its loyal customers. We know the retail industry is ever-evolving. JCPenney’s tactical moves may provide the foundation for long-term success in a challenging environment.
