JC Penney Company, Inc. (NYSE: JCP) was established in 1902 and has 90,000 full-time employees. Headquartered in Plano, Texas, it is the largest in the United States One of the retailers of stores and drug stores, as of November 1, 2019, Penney operates 850 stores in the United States and Puerto Rico.
JC Penney (JCP):
JC Penney (sometimes written as JCPenney or JCP) is one of the largest chain department stores in the United States. Headquartered in Plano, Texas, USA. It has 850 stores in the United States and 90,000 employees, making it one of the world’s top 500 companies. Mainly sell men’s clothing, women’s clothing, children’s clothing, jewelry, footwear, accessories and household items.
Penney is a diversified company with business covering:
- Sale of men’s, women’s and children’s clothing, furniture and clothing, footwear
- Provide furniture for middle-income and middle- and high-income families
- Exquisite and fashionable accessories
- Beauty products
- Barber salon
- Optical Shop
- Life insurance, major accident, health and credit card insurance
As of January 31, 2016, Penney operated 1021 stores in 49 U.S. states, Puerto Rico, Mexico, and Chile.
As of November 1, 2019, Jesse Penny operates 850 stores in the United States and Puerto Rico.
JC Penney (JCP) History:
- JCPenney was founded by James Penney in 1902 in a mining town in Wyoming.
- In 1910, Penney changed the company’s name from “Golden Rule” to “JCPenney”.
- In 1912, the Golden Rule shop has established 34 branches with sales exceeding 2 million US dollars.
- In 1913, the chain store formally abolished its original name and merged the chain store into JCPenney in accordance with Utah law.
- In 1914, the Penney Company moved its headquarters from Salt Lake City to New York to get closer to the source of goods, and the Penney Company quickly grew.
- In 1915, its sales of 286 branches in 13 states exceeded $4.8 million.
- In 1920, Penney had established 197 nationwide chain stores from the east coast to the west coast, with total sales close to 43 million US dollars.
- In 1924, Penney had 570 stores and partners.
- From 1920 to 1930, Penney opened 1,250 branches at an average rate of one new store every three days.
- At the end of the 1930s, Penney had opened 1,586 branches with total sales of more than 300 million US dollars.
- After the United States joined World War II, Penney also turned to the production of military supplies. Penney Company produced military uniforms, sold war bonds, and approximately 5,500 employees served in the army during World War II.
- In 1949, Penney opened its first drive-in shopping mall in St. Louis, which became the predecessor of the modern American shopping mall.
- In 1951, Penney’s total sales exceeded $1 billion for the first time. Penney has laid a solid foundation in the domestic apparel and home decoration retail industry. By the mid-1950s, most of the newly opened branches were shopping malls in the suburbs.
- In 1957, Penney Company committed to developing a full range of department stores to meet the market demand in the suburbs.
- In 1958, the company launched the credit consumption method for the first time. In addition, Penney has also built beauty salons, restaurants, and car and garden centers to enable shoppers to enjoy comprehensive shopping convenience.
- In 1963, the company issued the Penney Company catalog for the first time.
- In 1967, Penney Financial Services was established.
- In 1967, Penney also acquired Stratford Pharmaceuticals.
- After the arrival of the 1970s, large shopping supermarkets became popular in the United States. Penney’s company has established its position in the country with its good reputation, wide range of high-quality products and after-sales service. Penney’s small store was quickly replaced by its large department store, and sales have also increased from 4 billion US dollars. Increased to 11 billion US dollars.
- In the 1980s, the structure of Penney Company underwent major changes. Based on the results of customer surveys in the late 1970s, Penney has adopted a new product positioning, focusing on high-quality clothing and soft and comfortable home decoration.
- In 1983, the company announced that it would spend $1 billion to fully renovate the store.
- In 1988, Penney moved its headquarters from New York City to Dallas, Texas.
- In the early 1990s, Penney Company completed the transformation from a chain store to a national department store in the United States. Women’s clothing accounts for 80% of Penney’s apparel business.
- In 1995, 1996, and 1997, Penney purchased three more pharmaceutical companies on the basis of its Sri Ford Pharmaceutical Company, making it the fourth largest pharmaceutical chain in the United States.
- In the 21st century, Penney has developed into the largest retailer of stores and drug stores in the United States.
- In May 2020, the COVID-19 epidemic spread to the United States, and Jesse Panney was severely affected by the epidemic, which forced the company to temporarily close 850 branches. According to people familiar with the matter, the company will file for bankruptcy protection on May 11 (Monday).