Regarding Chuck Doud’s column April 16 on the J. C. Penney Co. problems: I retired from the J. C. Penney Co. in 1991, after 37 years of service. Your comments on the J. C. P. Co. are accurate and on target. I would like to add several thoughts.
Retired J.C.P. associates that had thousands of shares of Penney stock, will agree with the following:
Twelve plus months ago, the new CEO sold the J.C.P. Board of Directors a bill of goods. The new approach included —
- A new “hip” advertising program.
- A new interior makeover.
This new approach left out our core customer. A small adjustment was made six months ago. The change did nothing to slow a steady decline in sales and profit. If Mr. Penney had been alive a year ago, he would have told the new “Hip” CEO, and the Board of Directors that this new approach to our business is going to be a major disaster! In my opinion, I see little evidence that the new CEO program was ever market tested. What a shame!
On behalf of the old guard, thank you for your concern.
John (Bill) Overstreet,