Putting the beyond annoying commercial aside, I’m really intrigued and excited by the news announced last week at a press conference in NYC that there is much, much-needed change coming to jcpenney (and yes, apparently it is all lower case with no punctuation now). Recently installed CEO, Ron Johnson, (formerly of Apple and Target) made a bold statement for the future of the iconic retailer, “We don’t want to be America’s favorite department store; we want to be America’s favorite store.”
Last month I talked about the need for drastic innovation in the mass retail space for sustainability and a better consumer experiences. So I find the news coming from jcpenney not only thrilling and long over-due, but a breath of fresh air. Which is a suitable feeling given that the folks at jcpenney tilted their presentation in NYC last week, “In Praise of Fresh Air.”
In this presentation Ron Johnson and Michael Francis (president) detailed a new vision for jcpenney, the changes we can expect to see, and when they will occur. Among the most radical changes that is being introduced surrounds the complicated pricing and promotional structure that has plagued jcpenney for decades, and I would argue this same pricing issue applies to most retailers. Radically re-thinking the layout of the sales floor and how the customers shop and interact with product, and the roster of brands that are carried. And lastly, launching a new brand identity.
While there is some healthy skepticism out there surrounding a few points of this transformation (i.e. length of time for complete transformation, new logo, etc.), I believe that the boldness of the vision and scale of the change at jcpenney is fantastic and encouraging. A new approach to the business of mass retailing is much-needed in an industry that is often not fast enough to innovate. If executed well, jcpenney’s changes should push both department stores and big box stores to innovate their shopping experience much faster than may have happened otherwise. And with luck, that ripple effect will be felt throughout the retail industry.
And in the end, that is only good news for the consumer. Clearer and more honest pricing with less confusion surrounding promotional messaging is an absolute necessity across the industry, and we would appreciate better and more inspiring actual shopping experiences.
Read the full jcpenney press release. Check out WWD’s thoughts on the change. And, NRF has a great blog piece on the announcements.
[Photos via WWD by John Aquino]
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