The department-store chain said today the store openings are part of its long-range plan, an effort to grow sales by $1 billion through expansion the next five years. The retailer is investing $160 million in these improvements as part of its $500 million expected capital expenditure for the year.
The first new stores will begin in 2011, with the opening of three JCPenney stores in Daly City, California (San Francisco), Glenarden, Maryland (Washington, D.C.), and Dallas.
In addition, JCPenney plans renovations at more than two-thirds of its 1,107 department stores this year includes 76 “major renovations,” which include 1,500-square-foot “shop within a store” Sephora boutiques. Additional enhancements will include features such as dedicated shop-within-shops for new brands such as MNG by Mango and Call it Spring by ALDO, and new fixturing for the rollout of Liz Claiborne across 30 categories. By 2014, the Company plans to complete major renovations at a total of more than 375 stores.
Transforming the In-Store Experience
“Due to our strong financial position, we will be able to intensify our presence in these markets in order to capitalize on this opportunity in the years to come,” said Myron “Mike” Ullman, III, chairman and ceo. “This work, in combination with our ongoing store renovation program, will enable JCPenney to deliver on our goal of being an industry growth leader by maximizing sales productivity in our existing locations and expanding our customer base in key markets.”
By October, JCPenney will have made significant enhancements to the in-store experience at more than 750 store locations. Among these enhancements is the installation of new Findmore interactive in-store fixtures, which allow consumers to access and purchase from jcp.com right from the selling floor.