JCPenney is spending $1 billion on store and online upgrades in latest bid to revive its business
JCPenney says it plans to spend more than $1 billion by the end of 2025 in a bid to revive the storied but troubled 121-year-old department store chain NEW YORK -- JCPenney said Thursday it plans to spend more than $1 billion by the end of 2025 in a bid to revive the storied but troubled 121-year-old department store chain. The money is going toward remodeling JCPenney stores, upgrading its online shopping site and app, and making its supply network more efficient so that online orders are delivered more quickly. JCPenney’s CEO Marc Rosen, who took the company’s helm in November 2021 and has served as an executive at Levi Strauss and Walmart, is renewing the chain’s focus on its core middle-income shoppers with affordable fashion and housewares. “Now is the time more than ever to lean into that and make sure that we’re delivering that experience for our customer,” Rosen said in an interview with The Associated Press. That’s a change of tactics from previous management teams that pursue...