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JC Penney has unveiled a strategic plan that includes significantly reduced expenditures in order to “effectively balance support of the merchandise and marketing initiatives that differentiate JC Penney with the goal of maintaining a strong financial position,” said Myron Ullman, chairman and CEO, in a statement.
The bridge plan includes cutting back capital expenditures for 2009 to $650 million, down from an estimated $1 billion in 2008, writes Brandweek.
JC Penney will reduce new store openings and remodeling operations, with 20 new stores to open in 2009, rather than the 50 new store openings per year that were in previous plans. In 2008, the company expects to open 36 new stores.
Inventory levels will also be reduced to align more closely with sales expectations. Ullman said the coming year is a period the company expects will remain “very challenging” for American consumers.
Nielsen Monitor-Plus indicates that the company spent $362 million on advertising in 2007, excluding online. While marketing efforts will remain very much a part of the company’s long range plans, JC Penney plans to be smarter and more strategic in its marketing spend.
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