Friday, August 23, 2013

After Dismal Second Quarter, JC Penney Regroups — Again...

After Dismal Second Quarter, JC Penney Regroups — Again

Another quarter, another dreadful performance at JC Penney, which will spend more on marketing and prioritize promotions to try to end its losing streak.

The company said it increased marketing expenses in the second quarter in an effort to attract customers who fled stores in droves over the past year. JC Penny said it plans to boost investments in the second half, but did not provide specifics.

CEO Mike Ullman said that because 90% of most department stores’ messaging is promotional, it’s crucial for the retailer to compete head-to-head and ensure its message resonates with consumers on a “deep promotional level.” He added that JC Penney is underdeveloped in social and digital channels.

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