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JCPenney's CEO Admits They Need to Downsize, Plans to Close Stores

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January 13, 2017 · 39.5k Views
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jcpenney store closing

Source: Market Mad House

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Macy's just announced that they're closing another 68 stores. The oldest apparel chain, The Limited, has closed its stores. Major retailers are shutting down their doors left and right, and JCPenney is the next to follow suit. The company's CEO Marvin Ellison made the announcement at a recent real estate conference in Dallas, stating that "the company is planning to close some of its 1,014 stores soon," according to Dallas News.

Although Ellison understands that closing stores will result in job losses, particular locations in smaller markets are unable to meet JCPenney's brand standards and need to close. On the upside, Ellison predicts that JCPenney's online sales will grow more than 20% in the upcoming years, all thanks to the increased use of mobile technology by consumers.

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The Importance of Physical Locations

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Source: The Krazy Coupon Lady

It is also noted that the physical locations still play an essential role in maintaining the company since shipping costs are high and ship-to-store options are favored among the company and shoppers. It's a relatively new option that was only added last year, but it alleviates costs for both parties.

Moreover, 40% of customers who enter the store to pick up or return an online order also buy something during their visit. 92% of their shoppers make returns in store, and those who make a return are likely to spend twice as much on another item. 

 

How do you feel about retailers closing down their brick and mortar locations? Did you expect this since online shopping has been on the rise for years? Tell us in the comments below!


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dtran5 profile picture
Daisy loves to write with humor and can be quite the sarcastic commentator when it is appropriate. Loves carbs, fashion, staying active, and pinning the latest DIY projects for her room (which she will actually never do).
pennyjustin260Jan 19, 2017
I do occasionally shop online but like to see and try on what I'm purchasing. If I have a return I would rather go to a store and return/exchange. I actually had to exchange something today and purchased another item while there!
mcgregors422Jan 19, 2017
I never shop online! I want to see what I purchase up close & personal.. & really do not like to drive 50 miles or more to shop.
ShelleypJan 18, 2017
I hate online shopping I would rather go store shopping. I have to try on clothes and if I order them and they don't fit that is extra time spent sending back or re ordering. Some people Are not sure 0 or 2. And clothes are not made the way they use to be.
zuggamomJan 17, 2017
I hate online shopping. Id much rather go to the store

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