JCPenney 2011 Annual Report Download - page 5

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promotion
In 2011, jcpenney hosted more than 590 sales events.
Yet, on average our customers shopped only four
times during the year. Essentially, more than 99
percent of the time our promotions didn’t work,
which limited the value we’ve been able to create for
you, our stockholders.
We’ll now host 12 meaningful events a year – each
focused on the month – and we’re syncing every
element of our business to the monthly rhythm of
our customers’ lives.
product
We’re breathing new life into the best of our existing
brands and adding exciting new ones, like Martha
Stewart® and l’amour nanette lepore™. As part of our
transformation, we will work with the best partners in
the world to deliver extraordinary global brands that
will forever change the way people view jcpenney.
presentation and place
We are creating a store experience that will make
our customers love shopping again. From our
largest mall anchors to our smallest hometown
stores, we’ll implement a month-by-month,
shop-by-shop initiative, resulting in the complete
transformation of our stores into three compelling
concepts. The Shops™ will consist of up to 100
curated stores, shops and boutiques along an
engaging pathway known as The Street™. The Street
will surround The Square™, which is a reinvented
center core experience oering fun, helpful services
and attractions that customers will love.
people
Our associates are the heartbeat of our transformation,
and our entire Company is undergoing an exciting
culture shift. We’re realigning our organization to ensure
that associates are able to do the best work of their
lives. We put in place a remarkable management team
consisting of new and existing leaders and are making
other important investments in our future.
Moving forward, we’ll operate as a start-up company –
staying focused on the prize, being nimble, quick
to learn, agile and devoting all of our time and energy
to fully realizing our vision. We’re also dramatically
simplifying our business model and our stores to
improve both our top and bottom lines and drive long-
term stockholder value.
Our sights are boldly set on transforming the way
America shops. As we move through 2012, we will
fundamentally revolutionize our brand, our pricing
and our stores. This transformation won’t happen
overnight, but with Fair and Square as our compass,
we’re o to a strong start. I hope you are as excited
as I am. Great things are ahead.
Ron Johnson
Chief Executive Ocer