Word: penneyer
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...behold a spiffy new map at the door to ease your shopping and a customer-service desk right at the entrance. Clothes are neatly grouped by lifestyle, trendy denim in one spot, work outfits in another. And they're labeled clearly, unlike in older stores. In early fall, Penney even sponsored the MTV Video Music Awards, running a series of live ads during the broadcast. It's a fairly radical move, given the store's uncool heritage...
There's also plenty of action in the retail-technology department. New point-of-sale software at both chains has helped them keep the optimal mix of inventory on store racks, according to Citigroup's Weinswig. "It's increased profit margins and made them more efficient," she says. Specifically, Penney will have installed 35,000 new devices at checkout counters by the end of the year...
...They're both going after the same market--the female. She controls the purse strings." Both chains dismiss the notion of a retail slugfest. But it is clear that each chain is borrowing a page from the other's business model. For example, 22 of the 25 stores that Penney opened in the third quarter were situated in very Kohl's-like locales, a different approach for the mall-based Penney. Myron (Mike) Ullman, the former Macy's honcho who is now CEO of JCPenney, bristles at the comparison. "Let me point out that James Cash Penney opened his first...
Meanwhile, Kohl's, a chain known for selling brand-name merchandise at discount prices, is adapting Penney's successful, exclusive-label strategy--that is, getting well-known designers or brands to create products that will be available in its stores only. It already has partnerships with Estée Lauder, which has created other exclusive brands for the retailer; Ralph Lauren (Chaps); skateboarder Tony Hawk; and Cuban-American model and actress Daisy Fuentes. Next up in early 2007: a blockbuster partnership with designer Vera Wang and an exclusive housewares partnership with the Food Network. Says Kohl's president, Mansell...
Despite Kohl's new marketing initiatives, Penney still has the edge in private brands. About 45% of its revenues come from the store's 34 exclusive labels, like a line of women's working clothes by Nicole Miller and bedding, bath items and linens from home-design celebrity Chris Madden. In early 2007, the retailer will introduce two new exclusive Liz Claiborne lines and launch its biggest house label yet, Ambrielle, a collection of intimate apparel that is likely to compete with Limited's Victoria's Secret chain. "It's clear to our customers that our brands have the style...