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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsJ.C. Penney Falls After Francis Leaves Amid Strategy Flop
J.C. Penney Co. (JCP) (JCP) fell the most in a month after announcing president Michael Francis was leaving in the wake of a marketing strategy that flopped with shoppers.
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The retailer said in a statement yesterday that Francis stepped down after joining the Plano, Texas-based company in October. The company didnt give a reason for his exit.
Chief Executive Officer Ron Johnson, who is taking over marketing and merchandising, is trying to remake the retailers image and overhaul its pricing strategy.
The bottom line is, the marketing strategy wasnt working, said Bill Ackman, whose hedge fund, Pershing Square Capital Management LP, is the companys largest shareholder. Ron decided that he really needed to take over the marketing and advertising.
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http://www.bloomberg.com/news/2012-06-18/j-c-penney-says-ceo-to-run-marketing-as-francis-leaves.html
sinkingfeeling
(51,457 posts)Even got another credit card.
RockaFowler
(7,429 posts)Even if it isn't really a sale. Just so that they think it's a sale. Plus we loved getting the $10 off coupons each week or so.
NYC_SKP
(68,644 posts)Usually, I can find mens' shirts and slacks and shoes that I like, and they don't go through nearly as many changes in store layout as other stores have from year to year.
I like 'em.
Fawke Em
(11,366 posts)the fact that the niche market they want HAS NO MONEY?!
Unemployment, under-employment and stagnant wages have driven what's left of the middle class and the working class to spend less of what little disposable income they have at yard sales, eBay and thrift shops.
We can't keep trying to sell products to people who have no money! And part of the reason we have no money is that retailers side with big business/multi-national corporations to the detriment of the worker bees, who would buy their products IF they had the money.
Retails, et al, need to take a class at Henry Ford 101 and stop blaming their marketing/advertising and PR strategies.
KT2000
(20,577 posts)Our local Penney's has never been busier.
This must have to do with something else - likely the Ellen DeGeneris ads and the homophobes.