J.C. Penney Co. said it plans to add 250 stores, including its first in Manhattan, Bloomberg News reports.
The third-largest U.S. department-store chain introduced a five-year plan to add 50 stores a year, almost all located outside malls, and sell more exclusive apparel, Bloomberg reports.
Of the 250 stores being added, 175 will be new stores and 75 are relocations, the company reportedly said during a two-day analyst meeting in Fort Worth, Texas that ended Monday. The new openings will expand J.C. Penney’s store base 15 percent in the five years to 1,200.
The Plano, Texas-based retailer said that it planned to add 250 stores by 2011, Bloomberg reports. J.C. Penney plans to open 50 new stores and renovate 65 others this year. This is almost double J.C. Penney’s addition of 28 new stores in 2006. In 2005, it opened 18 locations.
The New York store of 150,000 square feet will be part of the renovation of the Manhattan Mall on Sixth Avenue in Midtown, Bloomberg reports. It’s a block from Federated Department Stores Inc.’s flagship Macy’s store.
J.C. Penney also plans to renovate 300 stores by 2011 with new lighting and fitting rooms with plasma televisions, Bloomberg reports.