Founded in 1902, it is a Fortune 500 company in the United States, a well-known large-scale department store chain, and a modern retail enterprise focusing on selling women's clothing
J.C. Penney was founded in 1902 by James Penney in a mining town in Wyoming, USA, and is currently headquartered in Plano, Texas, USA. At the beginning of the store, James Penney bought high-quality products based on the conditions of the town, the hobbies and needs of the residents, and put the price on each item, which was the same for all classes of people, which was unusual at the time.
Founded in 1902, JCPenney has 1,200 large clothing stores in the United States, with a turnover of 38 billion US dollars in 1998 (equivalent to 320 billion yuan, more than the total clothing sales of 290 billion yuan in 1998 in China). In order to reduce transaction costs, the company is considering expanding the proportion of direct purchases, especially looking for a production base in China.
Brand story
The J.C. Penney store has a cash only policy and does not accept credit purchases. This practice was ridiculed by local merchants, who mostly used credit to spend, but J.C. Penney attracted customers with its high-quality goods and good service. J.C. Penney insisted on providing customers with high-quality, low-price goods, and it didn't take long for J.C. Penney to find success.
The twenties of the twentieth century were the glory days of J.C. Penney. Between 1920 and 1930, J.C. Penney opened 1,250 stores at an average rate of one new store every three days. Most of these stores are located on the streets of small towns in the United States. Although the Great Depression of the '30s shrank American commerce, it gave J.C. Penney a new opportunity: due to lack of funds, many shoppers valued J.C. Penney's high-quality and affordable goods. By the end of the '30s, J.C. Penney had 1,586 stores and sales of more than $300 million.
After World War II, J.C. Penney realigned the store to accommodate changing suburban development, adding a large number of merchandise.
In 1949, J.C. Penney opened the first drive-in mall in St. Louis, the forerunner of modern American shopping malls.
In 1951, J.C. Penney's total sales exceeded $1 billion for the first time. J.C. Penney has built a strong foundation in the apparel and home décor retail industry across the United States. By the mid-'50s, most of the new J.C. Penney outlets were shopping malls on the outskirts of the city.
After 1957, under the management of then-Chairman William Barton, J.C. Penney focused on developing a full range of department stores to meet the needs of the suburbs.
In 1958, J.C. Penney first introduced credit spending. In addition, J.C. Penney has built a beauty salon, restaurant, and car garden center to provide shoppers with comprehensive shopping convenience.
In 1963, J.C. Penney published the first catalog.
In 1967, J.C. Penney Financial Services was founded.
In 1967, J.C. Penney also acquired Srifert Pharmaceuticals. In 1995, 1996 and 1997, Penney acquired three more pharmaceutical companies, making it the fourth largest drug chain in the United States.
In the 70s, large shopping supermarkets began to prevail in the United States. J.C. Penney has cemented its position in the United States with its strong reputation, wide range of high-quality products, and after-sales service. J.C. Penney's small store was soon replaced by its large department store, and sales skyrocketed from $4 billion to $11 billion.
In the 80s, the structure of J.C. Penney changed significantly. Based on customer research in the late '70s, J.C. Penney focused on high-quality clothing and soft and comfortable home décor items. In 1983, J.C. Penney announced that it would spend $1 billion to completely renovate the store.
In 1988, J.C. Penney moved its corporate headquarters from New York City to Dallas, Texas.
In the early '90s, J.C. Penney completed the transition from a chain to a national department store in the United States. Women's clothing accounts for 80 percent of J.C. Penney's clothing business.
