Making a Comeback
JC Penney is making a comeback; and it's all thanks to an unlikely group of shoppers.
The aging department store is starting to recover thanks to a new business plan that includes upgrading its line of designers and targeting younger clients. The company's chief merchant says young men ages 25 to 35 are driving big growth. He says they have money to spend and are very opinionated about the style and fit of their clothes.
In addition to upgrading what's available the store is also appealing to millennials with a variety of beauty lines, appliances and a focus on clothes for children. And the changes seem to be working. JC Penney predicts a steady growth of 3% over the next couple of years. And it's not just JC Penney looking for a reboot.
Macy's is appealing to millennials with high tech shopping floors at some of its stores and a wider range of brands aimed at people under 35. When everything you could possibly want is available on your smartphone, stores have to get a little creative to get people through the doors.