It’s no secret that the retail world is a constant and continuous race to come out on top. Some rise, some fall, and some get completely lost in the dust. The American department store chain, J. C. Penney, has risen, fallen, and just about everything in between. With an ever-changing corporate board, Penney’s has been vigorously working to keep up with their competition and trying to establish a positive brand image for themselves.
So, let’s start on a positive note. JCP has over 1,100 locations across the country with stores in each of the 50 states. Their stores include a diverse assortment of products which have helped to create a strong and distinct brand image for the company. Aside from their volume of stores and products, they also offer a unique and enhanced customer experience for their guests. And of course, since this is the 21st century, all companies that wish to stay relevant must have an active and engaging social media presence. Luckily for JCP, they nailed this. They are constantly promoting their tweets and Facebook posts and interacting with customers. Their social media presence helps them to reach millennials where they are- the internet. According to Ambassador, “71% of consumers who have had a good social media service experience with a brand are likely to recommend it to others” (Hainla). Social media marketing is also a cheaper and more effective way of reaching J.C.Penney’s target audience.
Now, onto the negatives. I know, I know, this part isn’t fun, but we can’t avoid reality forever. JCPenney has a chronic case of poor stock prices. Since the start of 2017, their stock prices are down over 50% and down 85% in the past five years. Unfortunately, the stock prices aren’t the only things that are dropping. JCP store locations are disappearing right and left. Their online sales and customer satisfaction rates are also decreasing rapidly.
But don’t fret, JCP! There are some great opportunities on the horizon. Since the brand has been torn apart in the media, they have a chance to rebrand themselves and set themselves apart from the bad press. They also have the opportunity to expand their online retailing system to compete with other online competitors (we’re looking at you, Amazon). JCP has also only opened stores in the U.S. and Puerto Rico. This leaves them with a majority of the world left to conquer. They can also look into what their customers really want to see from them by conducting market research.
Unfortunately, with opportunity comes threats. JCP has some stiff competition. With stores like Target, Walmart, Kohl’s, and Macy’s as their main competition, JCP has been falling short. The newer and more modern brands are taking over the market and JCP hasn’t been able to keep up. There are also the internal threats to the company. Corporate jobs at JCPenney have a high turnover rate which creates too much change and inconsistency for a company while raising customers suspicions about an unsteady corporate team. This is a problem because it tarnishes the brands trustworthy image.
Well there you have it. The good, the bad, and the ugly of J. C. Penney.
Keep on racing, JCP, you got this.
Gif courtesy of https://media.giphy.com
- Hainla, Liis. “21 Social Media Marketing Statistics You Need to Know in 2017.” DreamGrow, 16 Aug. 2017, www.dreamgrow.com/21-social-media-marketing-statistics/.
Cover image courtesy of http://fortune.com/2015/08/14/jcpenney-ecommerce/