JC Penny is one of the retailers that is in a lot of trouble. Like most department stores, it is suffering from a demographic shift that is more friendly to online purchasing.
With the changing landscape in retail, companies are trying to do what they can. At the core of this is the delivery mechanism. One of the biggest advantages to online is that one can place an order and receive the product without leaving one's home.
Wal-Mart, for example, is starting to offer delivery for its groceries. Other entities are experimenting with different ways to get products to people in an easier manner.
JC Penny is expanding its J.C. Penney Style on the Go to 50 stores. This is its curbside service. A customer places an order and either calls or texts when there and an associate will bring the item out. It eliminates the customer from having to enter the store.
The company found the program to be successful in trials leading to a quick roll out. None of this is helping to alleviate the concerns of the analysts.
"Despite attempts to understand consumers better, J.C.Penney's management has yet to stem this tide," wrote Neil Saunders, managing director at GlobalData Retail. "And doing so will be difficult as it will require radical change and impactful marketing to inform lapsed shoppers of the improvements. Both things require capital and a strong balance sheet, neither of which J.C. Penney has."
The retail apocalypse is going to continue for a while. Companies like JC Penny are likely to not be one of those that makes the grade. Right now it is Amazon, Wal-Mart and Target that are excelling while everyone else plays catch up.
We are going to see a major shift in shopping over the next decade. Those that are behind will find it almost impossible to close the gap. Amazon and others are working on things such as drone delivery as well as virtual stores.
A lot of old time retailers are going to see their end because of this shift.
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JC Penney is yet another victim of demographic changes IMHO, my parents brought me there to buy cloths for school at a good price. We went to Sears to buy tools and hardware. Both are on the brink of collapse. The kids of today are glued to their phones, no one needs to go to the mall to HANG OUT. Online shopping model does not work for cloths, unless there is an easy return policy, Amazon has perfected the return policy with efficiency, not cost effective of course.
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The future of clothes shopping is a 3D scan of your body so that your measurements are known and the items will be custom created for you using 3D printers and like machines.
Most likely, with the use of virtual reality, you will have you avatar try on clothes to see how they look on you...to exact scale.
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Now I like this thinking, no need for tailors of fine suits when we will have cloths ultra-sized to our exact proportions.......This has opened up a mew way of thinking for the next entrepreneur of the near future.
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Yeah @rollingthunder. The extended reality space will likely present enormous opportunities.
VR is going to be huge at some point with many businesses operating solely in that realm. Coupled with 3D scanning and printing, we will see seamless transitions between the real and the virtual.
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@taskmaster4450le i totally agree with you sir,that is an awesome idea from you....
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the truth is that there are some of us who still prefer the traditional old ways of shopping and would still prefer shopping at JCpenney instead of any online shopping mall,though i am not denying the fact that innovation in a business is necessary....
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That might be true @iamgre.
Unfortunately, for those who own shopping malls, there are not enough people who lean that way. The foot traffic is way down, especially among the younger generation.
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@taskmaster4450le the existence of internet have actually changed the phase of retail business and everyone who wants to succeed in any retail business needs to become more innovative and think out of the box.....
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@taskmaster4450le amazon and walmart are where they are today because they were able to adapt to new innovative ideas and keep upgrading their business as things change,change is constant,you can't keep doing the same thing and be expecting different result...
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Without a doubt, it is adapt or die. Companies that fail to do that @doiny will end up out of business.
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@taskmaster4450le online shopping have really affected the sales at Jcpenney store and how they operate their business,but i believe if the store becomes innovative then they can do better and overcome any challenges they may be facing...
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That is true. Companies, whether retail or not, need to be able to transition.
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@taskmaster4450le this just reminded me of those days when i was very young when my mom will take us for christmas shopping at JCpenney to shop for some awesome clothes..good old days...
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And Macy's isn't too behind JC Penny.
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Closing your flagship store is never a good sign.
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One day my grandchildren will be awed at how I used to be able to see how a dress fit me before I bought it.
"You mean they used to let you try the clothes on for FREE without having to pay for shipping"
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You grandchildren will be in awe that everything you bought was not customized for you.
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