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Penney’s moderates 2008 growth plans
Reacting to the economic slowdown, J.C. Penney Co. will open fewer new stores this year than originally planned while stepping up its efforts to attract frugal shoppers away from rivals with new brands and marketing pitches.
Penney officials told analysts that the goal is to balance the current economic environment with the company’s long-term vision.
The Plano, Tex.-based department store chain plans to open 36 new stores this year instead of the 50 it had projected. It also aims to renovate 20 units this year, instead of the planned 65. Executives are reviewing reductions in Penny’s store growth plan for 2009 but won’t make any decisions until July.