Management Analysis of Jcpenney One of America's Essay

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Management Analysis of JCPenney

One of America's iconic department store fixtures is J.C. Penney which has provided American consumers with a wide range of family clothing and other merchandise for more than a century. In recent years, though, JCPenney has been experiencing some difficult times as its core market continues to be eroded by competitors and an aging business model. This paper provides a review of the relevant literature to develop a description and history of the company, its recent financial performance and to identify some of the managerial decisions that were made in response to changes in its market or competitive environment by JCPenney in recent years. A summary of the research and important findings concerning these issues are presented in the conclusion.

Description and History of the Company

According to JCPenney's promotional literature, "More than a century ago, James Cash Penney founded his company on the principle of the Golden Rule: treat others the way you'd like to be treated -- Fair and Square. His legacy continues to this day, as J.C. Penney Company, Inc. boldly transforms the retail experience across 1,100 stores and jcp.com to become America's favorite store" (About us, 2013, para. 1). In fact, JCPenney has been a long-time dedicated partner with American communities. In this regard, a former JCPenney Chairman, W.R. Howell (1999) emphasized that, "This philosophy was established with James Cash Penney's first store, aptly -- and purposely -- named The Golden Rule. The Penney Idea, established with the emporium named for its founder, was set in 1913" (p. 26). The "Golden Rule" historically followed by JCPenney is as follows:

To serve the public as nearly as we can to its complete satisfaction;

To expect for the services we render a fair remuneration, and not all the profit the traffic will bear;

To do all in our power to pack the customer's dollar full of value, quality and satisfaction;

To continue to train ourselves and our associates so that the service we give will be more and more intelligently performed;

To improve constantly the human factor in our business;

To reward men and women in our organization through participation in what the business produces; and,

To test our every policy method and act in this wise: 'Does it square with what is right and just?' (Howell, 1999, p. 26).

Today, through its subsidiary, J.

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C. Penney Corporation, Inc., J.C. Penney Company, Inc. (hereinafter alternatively "the company") sells a wide range of merchandise from a chain of department stores (Company profile, 2013). The company sells family apparel and footwear, accessories, beauty products, fine and fashion jewelry, and various home furnishings (Company profile, 2013). In addition, the company provides various services, such as styling salon, optical, portrait photography, and custom decorating (Company profile, 2013). As of February 2, 2013, it operated 1,104 department stores in 49 states and Puerto Rico employing about 116,000 full-time workers. The company also sells its products through its Internet Website, jcp.com. Founded in 1902, the company is headquartered in Plano, Texas (Company profile, 2013).

Financial Performance

The company has experienced some rocky periods in recent years, due in large part to its ongoing transformation to become "America's favorite store" by increasing its specialty store presence as well as other initiatives designed to overcome its sluggish financial performance. In fact, compared to the company's two major competitors, Kohl's and Macy's, JCPenney's financial performance is poor, and has even returned to its post-September 11, 2001 levels as shown in Figure 1 below.

Figure 1 J.C. Penney's historic stock performance vs. competitors: 1980 to date

Source: Yahoo! Finance (2013) at http://chart.finance.yahoo.com

Note:

M

Macy's

KSS

Kohl's.....

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