J.C. Penney
From Wikipedia, the free encyclopedia
J.C. Penney Company, Inc. | |
Type | Public (NYSE: JCP) |
---|---|
Founded | 1902 (Kemmerer, Wyoming) |
Headquarters | Plano, Texas, USA |
Key people | James Cash Penney, Founder Myron E. Ullman, Chairman & CEO |
Industry | Retail |
Products | Clothing, footwear, furniture, jewelry, beauty products, electronics and housewares. |
Revenue | US$18.781 billion |
Slogan | "Every Day Matters." |
Website | www.jcpenney.com |
J. C. Penney Company, Inc [1](NYSE: JCP; most commonly known today by the name JCPenney or simply Penney's) is a mid-range chain of American department stores based in Plano, Texas, a suburb of Dallas. The company operates 1,050 stores in all the U.S. states and Puerto Rico. Until 2004, J.C. Penney also operated Eckerd Drugs and fifty department stores in Central and South America.
In addition to sale of conventional merchandise, J.C. Penney is also home to several leased departments such as Optical, Portrait Studios, Jewelry & Watch repair, etc.
Contents |
[edit] History
[edit] The Golden Rule
J.C. Penney was founded in 1902 by James Cash Penney and William Henry McManus. The original name for the store that started J.C. Penney in the dry goods business was The Golden Rule, but was changed to J.C. Penney in 1913 when Penney accepted a majority ownership of the chain, William McManus still being a partner. The mother store is located in Kemmerer, Wyoming and still operates as of 2007.
[edit] J.C. Penney Company
In 1909, J.C. Penney relocated the headquarters to Salt Lake City, Utah to be closer to banks and railroads and again in 1914 to New York City to simplify the buying, financing, and transportation of goods. By 1917, the company operated 175 stores in 22 states in the United States. In 1920, J.C. Penney acquired The Crescent Corset Company, the company's first wholly owned subsidiary. In 1922, the company's oldest active private brand, Big Mac work clothes, is launched. In 1924, the company opens it's 500th store in Hamilton, Missouri. In 1928, the company opens it's 1,000th store in Beloit, Kansas. In 1940, future billionaire and founder of Wal-Mart, Sam Walton, begins working at J.C. Penney's Des Moines, Iowa store. Sam Walton later went on to found future retail giant Wal-Mart in 1962. By 1941, the company operated 1,600 stores in all 48 states. In 1956, J.C. Penney starts nationally advertising it's store with a series of advertisements in Life Magazine. In 1959, J.C. Penney credit cards are now accepted at its stores.
[edit] The Treasury, Catalog, and Full-line stores
In 1962, J.C. Penney entered discount merchandising with the acquision of General Merchandise Company which gave them The Treasury. J.C. Penney closed the money losing discount stores in 1981. In 1963, J.C. Penney issued its first catalog. The company operated in-store catalog desks in eight states. The catalogs were distributed by the Milwaukee Catalog distribution center. J.C. Penney also opened its first full-line department stores in 1963. Those stores were located in Audubon, New Jersey and King of Prussia, Pennsylvania. Those two stores broaden the lines of merchandise and services that a typical JCPenney carries to include appliances, sporting goods, garden merchandise, restaurants, beauty salons, portrait studios, auto parts and auto centers. In 1966, J.C. Penney finished off the country's 50 states with the opening of its Honolulu, Hawaii store.
[edit] 1969-1979
In 1969, the company acquires Thrift Drug, a chain of drugstores headquartered in Pittsburgh, Pennsylvania. It also acquired Supermarkets Interstate, an Omaha based food retailer which operates leased departments in J.C. Penney stores, The Treasury stores, and Thrift Drug stores. On February 12, 1971, James Cash Penney dies at the age of 95. In respect of James Cash's death the company's stores were closed for half a day. In 1971, the company adopts the famous JCPenney logo which still in use today. In 1977, J.C. Penney sells its Italy stores to La Rinascente and also removes its Supermarkets Interstate leased departments. In 1979, the Visa card is accepted in J.C. Penney stores. The MasterCard is accepted the following year.
[edit] 1984-1997
In 1984, J.C. Penney acquired the First National Bank of Harrington, Delaware and renamed it JCPenney National Bank. With the bank the company became able to issue its own MasterCard and Visa cards. The company also began accepting American Express cards. In 1987, the company headquarters were relocated again, to Dallas, Texas. After several years of development, the JCPenney Television Shopping Channel appeared on cable systems beginning in 1989. In 1990, the company broke ground on the company's new corporate headquarters in Plano, Texas. It was completed in 1992. In 1993, when Sears closed its catalog business, JCPenney became the largest catalog retailer in the United States. In 1996, the company expanded its drug store business with the acquisition of Fay's Drug and Kerr Drug. These acquisitions momentum climaxed with acquisition of the Eckerd chain in November. Fay, Kerr, and Eckerd merged into J.C. Penney's drug store subsidiary Thrift Drug. Fay, Kerr, and Thrift drug stores were re-branded Eckerd in 1997.
[edit] 1998-2005
In 1998, J.C. Penney launched its third channel for shopping convenience. Its Internet store has grown into one of the largest apparel and home furnishings retail sites on the Internet. Among its general merchandise peers, the on-line store has the highest rate (10.1%) of converting site visitors into buyers. On April 14, 2002, J.C. Penney celebrated 100 years as a retailer. In 2003, J.C. Penney opened three free-standing stores in strip centers. These stores were located in Texas, Minnesota, and Indiana. The company added 14 more stores in 2004. In 2004, the company exited the drug store division after 35 years with the sale of its Eckerd division. In 2005, J.C. Penney's e-commerce storefront exceeded the one billion dollar revenue mark for the first time.
[edit] Today
Today, most J.C. Penney stores are located in suburban shopping malls. Previously, most stores were located in downtown areas. As shopping malls became more popular in the latter half of the 20th century, J.C. Penney relocated its stores to shopping malls. However, in recent years, the chain has been following a retailing trend in opening some standalone stores. The company is an Internet retailer and has undergone significant institutional changes to compete in the ever changing retail landscape. Increased competition from big box retailers like Wal-Mart and Target have forced J.C. Penney to focus on private brands such as St. John's Bay, Worthington, nick(it) and Arizona Jean Company. It has streamlined its catalog and distribution while undergoing renovation improvements at store level.
In 2007, J.C. Penney launched Ambrielle lingerie label, and became their biggest private brand launched in J.C. Penney history.[citation needed] Also a re-introduction of cosmetics included the installation of independent Sephora kiosks located in some key stores. Beginning in 2007 the store slogan changed from "It's all Inside" to "Every Day Matters"
[edit] Controversy
J.C. Penney found itself the focus of a boycott when the company pulled advertising from the sitcom Ellen in 1997, which it deemed "controversial." [2] The company was not the only one to pull ads; other companies included Wendy's, General Motors, Chrysler, and Johnson & Johnson.
[edit] Slogans
Here are a few of JCPenney's slogans from the past and present.
- Where fashion comes to life
- It's all inside
- Every day matters (present)
[edit] External links
- J.C. Penney Official Website
- Yahoo! - J.C. Penney Company, Inc. Company Profile
- An Analysis of J.C. Penney's Current Environmental Policies
Categories: Companies listed on the New York Stock Exchange | Articles with unsourced statements since March 2007 | All articles with unsourced statements | Companies based in the Dallas-Fort Worth Metroplex | Department stores of the United States | Companies based in Texas | Plano, Texas | Companies established in 1902