History And Growth Of J.crew

joined the company and it then became known as Abercrombie & Fitch. Since the very

In 1998, J.C. Penney launched its first internet retail site and has grown to be one of the largest online retailers today. In 1995 it had $1 billion in annual sales.

In the retail industry, it is hard for a business to abandon all its previous strategies, such as locations and advertising strategies to make a fresh start. However, that is precisely what JCPenney and has been able to accomplish numerous times. Founded over a hundred years ago, the firm has undergone mass renovations with each change in leadership. Moreover, recently, JCPenney, has been reinvented once more, under the leadership of President Michael Francis and CEO Ron Johnson.

Much of the company’s success has been attributed to its superior customer service, along with low process and a broad selection of products.

J.Crew as an iconic brand targeting young working professional by focusing on preppy and classy look failed in identifying brand focus. Also, their business model is performing poorly in the fast-fashion industry compare to traditional competitors, with its high prices, diverging quality, and undesirable brand image. Hence, the brand perception by customers has changed and many of them prefer to purchase the discounted products rather than full-priced items.

In 1858, R.H. Macy founded R.H. Macy and Co. in New York City. From a dry goods store, he expanded his store occupy a total of 11 buildings which all offered different categories of merchandise. Here, R.H. Macy created what we now know as the department store (The History). Macy’s Inc. has grown and currently operates over 700 department stores under its various names (About Us). JC Penny Co. Inc. was founded in 1902 by James Cash Penny. JC Penny Co. Inc. was alike Macy’s Inc., however, they offered a catalog to better compete against department store like Montgomery Ward and Co. They currently operate around 1,100 stores worldwide (The Editors). The traditional department store format that Macy’s Inc. and JC Penny Co Inc. utilize has become

In January 2012, newly appointed CEO, Ron Johnson introduced a plan to rebrand the department store chain into a 21st century retail powerhouse. Launching of the new J. C. Penney brand identity was set to occur over four years and would include a new logo, a new in-store experience featuring new and transformed brands, and most importantly, it would change the way that the company priced merchandise. Unfortunately, J. C. Penney suffered a 25% sales decline in the first year and Johnson was fired after only 17 months.

The history behind J.C. Penney’s spans for over a hundred years. James Cash Penny started the company in Wyoming, in 1907 he bought out his other 2 partners and over the next 6 years opened many stores throughout the mountain west. In 1913 he incorporated the business, moved to New York for better access to suppliers. By 1915 he had opened up 83 stores. He survived during the great depression because of the use of materials and leadership practices, higher quality for lower price. They grew to 1496 stores by 1936 and sales reaching $1 billion in sales by its 50th anniversary. Around 1961 is when they started incorporating themselves into shopping centers and strip malls.

In 2013, this department store has been celebrating being in business for 110 years. It also once lured its customers in with its famous discount pricing strategy and coupons. The retailer is J.C. Penney, a fixture at shopping malls across the country. In 2012, J.C. Penney rebranded itself by making the announcement that it wanted to become America 's favorite store by creating a specialty department store experience (JCP, 2013). Founder James Cash Penney began the company with a Golden Rule: treat others the way you want to be treated Fair and Square (JCP, n.d.).

Their extensive research in market trends enables them to keep a step ahead of its competitors by constantly expanding to meet consumer needs.

J. C. Penney Corporation, Inc, also known as JCPenney, is a chain of American department stores specializing in selling affordable clothing, shoes, accessories, and home decor for the entire family. For more than a century, JCPenney has been a regular shopping destination and a dependable retailer for the American family. In 1902, the department store was founded by James Cash Penney and was established on the principle of the Golden Rule. Over the years, the company has developed a strong reputation for putting its customers first and servicing everyday needs. From its incorporation in 1924 until 2010, JCPenney experienced large levels of growth and success. JCPenney’s Corporate address is 6501 Legacy Dr, Plano, TX

They are one of the few retailers that sell such high-end products in the whole of

JC Penney is one of only a handful of one hundred year old plus companies in the United States. Founded in 1902 by James Cash Penney, the company has grown into a major retailer, with 1,104 stores and approximately 116,000 employees as of February 2013. The company sells merchandise and services through its department stores and website, jcp.com. Their product mix includes clothing and shoes, accessories, jewelry, home furnishings and beauty products. In addition, they provide services such as styling salons and portrait studios.

One of Gap Inc.’s biggest competitors is J. Crew Group because they have similar branding strategies and product offerings. J. Crew Group is an internationally recognized brand that offers apparel and accessories and differentiates itself through high standards of quality, style, design, and fabrics. The company operates stores and websites both domestically and internationally, and designs, sells, and markets products under the J. Crew, Crewcuts, and Madewell brands. Their customer base includes people who are affluent, college-educated, professional, and fashion conscious. They operate a total of 451 stores located in the United States, Canada, and the United Kingdom.

The company has also been accredited for having maintained a high degree of diversity coupled by its ability to maintain top quality in the standards of its products. Not only has the company retained a good reputation with its clients but also maintained an excellent corporate responsibility track record. This has built the public trust in the brand and is proud to be associated with it. To the wonder of many, the company has year over year continued to yield profits way over its competitors. To maintain such a success has been pre-determined by the way it has a strict, slow growth policy which ensures that it dominates a market before moving on to dominate another market, and despite the slow nature, the company has now emerged to be one of the fastest growing companies in the United States.