JCPenney outlines one billion dollar reinvestment plan

American department store chain JCPenney has announced a new reinvestment plan through which it is aiming to fuel long-term growth and increase customer loyalty.

Set to funnel one billion dollars into the business by fiscal year 2025, the company said it wants to build on the “significant progress” it made in FY22, during which time it launched a beauty store concept and carried out a series of store refreshes.

This latest strategy, however, has been formed around growth, with upgrades and enhancements set to be made across its digital capabilities, its in-store physical and technology experiences and its merchandising and supply chain operations.

Among the new additions are the likes of improved functionality and customisation on the retailer’s website and mobile app, a new point-of-sale system in stores and the upgrading of merchandising tools to cater to customer needs and fulfil orders faster.

Next to this, the company has also revealed a refreshed customer strategy and brand proposition under the ‘Make it Count’ banner.

Through four core aspects – accessible fashion, a rewarding experience, community support and positive change – JCPenney said it wants to reinforce how its products are a part of customers’ personal stories and lives.

On the announcements, Marc Rosen, CEO of the retailer, commented: “JCPenney is on strong financial footing and is steadily increasing relevance and frequency with our core customers.

“We are poised for continued growth and know that the surest path to success is by focusing on our customers.

“That’s why we are wholly committed to serving hardworking families across America with the attention, value, quality, choice and experience they deserve. Our customers are passionate, resilient and tireless in their efforts to make every moment count. We’re here to help them do that every day.”