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Penney's strategy

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16 August 2019, 01:49 PM
wtg
Penney's strategy
quote:
Ailing department store chain J.C. Penney is making its first foray into the increasingly popular used-clothing business.

The retailer announced Thursday a partnership with online consignment store ThredUp Inc. as part of its effort to rebuild the waning brand into a profitable business.

The announcement came as the retailer reported a net loss of $48 million for the second quarter, and a nearly 9.2% decrease in sales compared to the same quarter a year ago....

Thirty of its stores will begin selling used clothing through a partnership with the resale site, which stocks brands from Gap to Gucci. The selection will rotate weekly in order to surprise frequent shoppers, according to a press release.

"With the rise of online resale markets, there's no doubt that demand for great value on quality brands is at an all-time high. There's an emotional thrill that comes with finding one-of-a-kind secondhand product for much less," said Michelle Wlazlo, executive vice president and chief merchant for J.C. Penney.

The so-called circular fashion movement is gaining steam as more shoppers eschew buying new clothing, citing the toll of clothing production on the environment as well as their own household budgets.


https://www.cbsnews.com/news/j...nd-clothing-website/


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16 August 2019, 01:53 PM
pianojuggler
Wait, what? Penney's still exists?

I thought they had gone the way of Kresge's, Montgomery-Ward, and dozens of others I've already forgotten.


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mod-in-training.

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16 August 2019, 02:36 PM
RealPlayer
Yep, they're in our local mall.


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“It's hard to win an argument with a smart person. It's damn near impossible to win an argument with a stupid person." -- Bill Murray

16 August 2019, 04:18 PM
pianojuggler
Huh.

I guess there is one in the mall near my office. The one in the mall near my house closed a couple years ago.


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pj, citizen-poster, unless specifically noted otherwise.

mod-in-training.

pj@ermosworld∙com

All types of erorrs fixed while you wait.