Dive Summary:
- Ron Johnson, CEO and president of JC Penney for just over a year, has a terrible outcome for his first full year of sales numbers with an overall anticipated decrease of 28% for the final quarter.
- Some suggestions to help the struggling retailer is incorporating more high profile boutiques in stores, develop store promotions, and a loyal customer appreciation coupon system.
- Customers seek value, therefore offering month end values and sales to customers and developing a more diverse slogan could also help the veteran company stay afloat.
From the article:
"...Such awful results, and the prospect of more lost sales, are a terrible outcome for Ron Johnson, CEO and President for only just over a year. Mr. William Ackman and the rest of the board of J.C.Penney’s directors must look at this dismal performance and conclude that the transformation is much more difficult than anticipated. In my career as a retailer, or as an analyst, I have never seen such a sharp drop in sales in just one year..."
