Word: penney
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...sunny new world of catalogue merchandising, the season last week was -as always-spring. Fat as telephone books, fancy as fashion magazines, and filled with as many as 130,000 items, some 20 million post-Christmas catalogues from Sears, Roebuck, Montgomery Ward and J. C. Penney were arriving in American homes. And where once the catalogues were addressed mainly to farm folk and small-town people, today they go mostly to suburbanites. Metropolitan areas now account for 60% of sales...
Slow Fame. Though public fame has not yet overtaken Transamerica's rising fortunes, competitors have been quick to recognize the company's innovations in the merchandising of financial services. In varying degrees, such giants as Sears Roebuck, J. C. Penney, and even International Telephone & Telegraph Co. have adopted the department-store concept of finance pioneered by Transamerica. Beckett wants "to blanket the U.S., Canada and Europe" with Transamerica financial services. By feeding business from one Transamerica subsidiary to another, and eventually selling all of the company's services through single outlets, he aims to create a financial...
...change in Penney began in 1957 after executives looked at surging Sears, Roebuck and decided that their brand of merchandising would be obsolete by 1970. The prime mover was William M. Batten, a West Virginia storekeeper's son who clerked for Penney at 17 before studying economics. He undertook a two-year, 150-page study that proved so thorough that he was promoted from vice president to president and chief executive in 1958 to implement it. (In 1964, Batten moved up to chairman.) Besides remodeling small stores ("For years we were only in small towns," says Vice President William...
Waiting for 100. The changeover is not yet completed. This year Penney will build eight more stores that will average three times the space of stores opened five years ago, will relocate 26 stores and add 53 auto centers. In one Penney tradition that continues, the $40 million program will be financed out of cash reserves. By 1970, instead of being obsolete, Penney should be half again as big as it is now. Far from resenting the new look, J. C. Penney likes it so much that he plans a 100th birthday party eleven years from now to coincide with...
...Foremost" is a favorite Penney label. The Florida dairy with that name that J. C. founded in 1929, now has $415 million in annual sales. J. C. retains a minor interest...