On August 5, J.C. Penney (NYSE:JCP) announced that for the first time ever it will open a new store in Brooklyn. The company has long been in New York City, but this particular borough is a first. According to the release, it will have "unique design elements and innovative features not found in any other JCPenney store." The company believes the new store is a symbol of its turnaround plan. If this single store is successful, shareholders could look for a repeat performance in numerous untapped markets across the country with more new stores. This gives J.C. Penney a "do over" attempt and an attempt for CEO Mike Ullman to show the world what he and his team are made of. Turnarounds take time on the per-store level, but brand new stores in a new area can more quickly prove what you need to everybody.
One key take away from this is that it shows J.C. Penney realizes as "one size fits all" strategy doesn't work in terms of product offerings and marketing. The uniqueness of the customer needs to be kept in mind. The release stated:
"The large main entrance leads to an environment that is distinctly JCPenney, yet uniquely Brooklyn. Large murals of Brooklyn landmarks, polished concrete floors and sleek finishing touches complement the store`s modern interior design."
Brooklyn's uniqueness is respected. This corporate attitude is in line with my last article on J.C. Penney where I compared the company to Burger King of all companies. Both companies are taking steps to respect the uniqueness of the customer and empower him and her accordingly. This new Brooklyn store seems to do just that.
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