Plano, Texas-based department store chain J.C. Penney has been the go-to place for years for many Americans to shop for affordable clothing. However it is considering reduced dependency on clothing. It may follow where the shoppers are spending their money: services and other products like appliances.
Consumer spending has been challenging especially on brick and mortar and mall-based retailers across the nation. JCP reported an unexpected drop in sales for the first quarter, along with major department stores including Macy’s, Nordstrom and Kohl’s that reported weak first-quarter sales results.
JCP CEO Marvin Ellison told investors that it’s conducting a detailed review of its customers’ current and future shopping habits and will start to shift its merchandising mix accordingly.
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