JCPenney Announces New Stores and Renovation Plans

J. C. Penney Co. Inc. announced yesterday that it’s
expanding its presence in major markets beginning with three new stores opening
next year, in Daly City, Calif.; Glenarden, Md.; and Dallas.

The company also announced a store renovation program, which
will implement major upgrades at more than 375 stores by 2014. It cited
“significant enhancements” made to 750 stores this year and said it’s
investing $160 million in the improvements as part of a $500 million capital
expenditure for the year.

There were 76 major renovations in 2010, each of which
included a 1,500-square-foot Sephora inside a JCPenney beauty boutique. Other
enhancements include dedicated shop-within-shops for new brands such as MNG by
Mango and Call it Spring by ALDO, and new fixturing for the rollout of Liz
Claiborne across 30 categories. They also include the installation of new
Findmore interactive in-store fixtures, which allow customers to purchase from
jcp.com from the selling floor. Other improvements increased energy efficiency.