What is JCPenney? JCPenney Review, Features

JCPenney was founded in 1902 and currently has 1,200 large clothing stores across the United States, with sales of $38 billion in 1998.

About JCPenney

JCPenney stores only accept cash payments and do not accept credit. This practice was ridiculed by local merchants because most local residents use credit for consumption, but JCPenney attracted a large number of customers with its high-quality products and good services. JCPenney insists on providing customers with high-quality and low-priced products, and soon JCPenney has achieved success.

The development history of JCPenney

• In 1949, JCPenney opened the first drive-in shopping mall in St. Louis, which was located away from the main street and became the forerunner of the modern American shopping mall.
• In 1951, JCPenney's total sales exceeded $1 billion for the first time. JCPenney had established a solid foundation in the clothing and home furnishing retail industry across the United States. By the mid-1950s, most of the newly opened JCPenney stores were located in suburban shopping malls.
• After 1957, under the management of then-chairman William Barton, JCPenney was committed to developing full-range department stores to meet the needs of the suburban market.
• In 1958, JCPenney introduced the credit consumption method for the first time. In addition, JCPenney also built beauty salons, restaurants and car garden centers to enable shoppers to enjoy comprehensive shopping convenience.
• In 1963, JCPenney published its first catalog.
• In 1967, JCPenney Financial Services Company was established.
• In 1967, JCPenney also acquired St. Regis Drug Company. In 1995, 1996, and 1997, JCPenney acquired three drug companies, becoming the fourth largest drug store chain in the United States.
• In the 1970s, large shopping supermarkets began to prevail in the United States. JCPenney established its position in the United States with its good reputation, wide range of high-quality goods and after-sales service. JCPenney's small stores were soon replaced by its large department stores, and its sales soared from 4 billion US dollars to 11 billion US dollars.
• In the 1980s, JCPenney's structure underwent major changes. Based on customer research in the late 1970s, JCPenney focused on high-quality clothing and soft and comfortable home furnishings. In 1983, JCPenney announced that it would spend $1 billion to completely renovate its stores.
• In 1988, JCPenney moved its corporate headquarters from New York City to Dallas, Texas.
• In the early 1990s, JCPenney completed its transformation from a chain store to a national department store in the U.S. Women's clothing accounts for 80% of JCPenney's clothing business.