JCPenney: Doing more in the home furnishings market
2023-07-21
After a tumultuous 2020 of bankruptcy, the 121-year-old retailer is steadily making its way back to glory. Their decision makers are good at using resources and focusing on core businesses, avoiding the disastrous consequences of disruptive "reform" measures adopted by some retailers.
Clothing and home furnishing have always been the core areas of JCPenney. The company's management has seized the newly grown customer groups and made the century-old store "younger", which has become the business goal of these two core areas. In the field of household products, JCPenney has accurately grasped the consumer group of college students. These young people are not only active consumer groups at present, but also loyal customers in the future. In the past five years, JCPenney has launched 10 series of brands in the field of clothing and home furnishing, and has developed more "young businesses".
In order to seize the peak season of back-to-school sales, JCPenney has launched the latest Forever 21 brand household products and placed them in a prominent position in the store. Forever 21 has as many as 55 types of bed textiles and bathroom textiles. The indispensable pillows and plush bedding in young people's rooms are very popular, and they perfectly capture the wallets of college students who pursue independent living. I have to say that the "old guy" JCPenney really understands young people and knows how to seize market opportunities. So much so that company management acknowledged that JCPenney's home furnishings business is having a strong year of growth.
The bankruptcy of Bed Bath & Beyond also benefited JCPenney. The old enemies fought for many years in the field of household goods and went bankrupt successively. The difference is that BBB's drastic and radical reforms cut the company to pieces, and finally killed itself. Relying on its solid accumulation and the support of commercial real estate tycoons, JCPenney not only did not embark on the path of complete closure, but instead made steady progress. Both physical store and online sales grew, and it gradually regained its vitality.
JCPenney is focused on strong fundamentals and looks forward to bigger things. "In the next five years, people will see a stronger JCPenney," said company chief executive Marc Rosen.
Clothing and home furnishing have always been the core areas of JCPenney. The company's management has seized the newly grown customer groups and made the century-old store "younger", which has become the business goal of these two core areas. In the field of household products, JCPenney has accurately grasped the consumer group of college students. These young people are not only active consumer groups at present, but also loyal customers in the future. In the past five years, JCPenney has launched 10 series of brands in the field of clothing and home furnishing, and has developed more "young businesses".
In order to seize the peak season of back-to-school sales, JCPenney has launched the latest Forever 21 brand household products and placed them in a prominent position in the store. Forever 21 has as many as 55 types of bed textiles and bathroom textiles. The indispensable pillows and plush bedding in young people's rooms are very popular, and they perfectly capture the wallets of college students who pursue independent living. I have to say that the "old guy" JCPenney really understands young people and knows how to seize market opportunities. So much so that company management acknowledged that JCPenney's home furnishings business is having a strong year of growth.
The bankruptcy of Bed Bath & Beyond also benefited JCPenney. The old enemies fought for many years in the field of household goods and went bankrupt successively. The difference is that BBB's drastic and radical reforms cut the company to pieces, and finally killed itself. Relying on its solid accumulation and the support of commercial real estate tycoons, JCPenney not only did not embark on the path of complete closure, but instead made steady progress. Both physical store and online sales grew, and it gradually regained its vitality.
JCPenney is focused on strong fundamentals and looks forward to bigger things. "In the next five years, people will see a stronger JCPenney," said company chief executive Marc Rosen.
