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Posts Tagged ‘JC Penney’

A couple of weeks ago I had the opportunity to hear Ron Johnson–JC Penney’s new CEO–present an outline of his transformational strategy. Short version: take a heaping tablespoon of Apple, add a dash of Target, fire the deadwood, stir, and then… a miracle happens. To be fair, there were plenty of bold, inspiring new ideas [...]

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I like Penney’s new marketing campaign. The TV ads featuring Ellen DeGeneres are captivating and funny–and seemingly everywhere. The print campaign does a solid job of re-branding JCP as fresh and contemporary, the monthly theme is carried through each piece beautifully and the featured items look great and seem well-priced. My only criticism is that [...]

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In Part 1, I applauded JCP’s new leadership for committing themselves to a bold, multi-year re-invention strategy. At the same time I cautioned that the first plank in their transformation–their new “fair and square” pricing program–may be far more challenging to implement than they imagine–and frankly need–to sustain momentum for the pieces to come. Now [...]

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New CEO Ron Johnson’s first big move to re-invent JC Penney was to eliminate their intensely promotional high/low pricing strategy. The key elements are: Moving most products to “fair and square” every day pricing Establishing month-long themed value pricing for certain key items Simplifying and creating regular break dates for permanent markdowns. To break-through the [...]

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Sitting in sessions at last month’s NRF annual conference I might have thought a drinking game had launched where you would down a shot every time someone said “omni-channel” or uttered the phrase “seamless integration.” Speaker after speaker–as well as subsequent press coverage–rattled off buzz-phrases, statistics and factoids regarding multi-channel consumer behavior as if this [...]

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If you are in retail, the last 15 years or so have brought enormous change. Let me call out a few profound shifts: Winning business model bifurcation: Price and dominant assortments at one end (Wal-mart, Amazon); remarkable experience and assortment curation/product differentiation on the other (Nordstrom, Louis Vuitton). The result is death in the middle. [...]

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Ultimately a company’s success is determined by a sound strategy that is well executed by strong leadership and a passionate, highly capable team. But don’t underestimate the role of the Board of Directors in distinguishing winners and losers. If your business is established but struggling, you need a remarkable Board to help guide craft a [...]

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In a recent interview with the Harvard Business Review new JC Penney CEO Ron Johnson was asked whether it wasn’t a pretty risky proposition to completely re-invent a department store? His answer was clear, concise and spot on: “The opposite is what’s risky.” Years ago, when I was at Sears, we had many debates about [...]

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For years retailers have been saying that multi-channel customers are their best customers, citing that customers who shop across physical stores, e-commerce and catalog channels spend 3 or 4 times that of single-channel customers. At the recent Shop.org Summit, numerous speakers made this observation as if it were news.  Please.  We talked about this publicly [...]

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If you missed the webinar that Jon Giegengack and I conducted earlier this week entitled Engaging Consumers and Growing Market Share in the “New Normal,” the recording of the session and presentation deck are now both available. Webinar recording: https://cmbinfoevents.webex.com/cmbinfoevents/lsr.php?AT=pb&SP=EC&rID=2764867&rKey=b264f15e93796eb1 Webinar deck: http://www.cmbinfo.com/cmb-cms/wp-content/uploads/2010/10/The-New-Consumer-Report_2010.pdf

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