J.C. Penney to expand as part of goal to hit $1 billion in sales by 2015
Plano, Texas J.C. Penney Co. plans to open three stores in 2011, including one in Dallas, as part of a plan to expand in major markets in which the company is currently underserved and offer great potential for expansion due to their demographic profiles. In addition to Dallas, new locations planned for next year include one in Daly City, Calif., and another in Glenarden, Md.
J.C. Penney did not specify how many stores it will open in the next four years. But it has a long-range goal of opening enough locations to generate $1 billion in sales growth by 2015. The company had $17.5 billion in net sales for the 2009 fiscal year.
“Across America, there are markets that offer great potential for J.C .Penney due to their significant moderate income populations who value the style, quality and affordability that we offer and would seek out our private and exclusive brands. Due to our strong financial position, we will be able to intensify our presence in these markets in order to capitalize on this opportunity in the years to come,” said Myron E. (Mike) Ullman, III, chairman and CEO “This work, in combination with our ongoing store renovation program, will enable J.C. Penney to deliver on our goal of being an industry growth leader by maximizing sales productivity in our existing locations and expanding our customer base in key markets.”
J.C. Penney also said it has made significant in-store enhancements at more than 750 stores in 2010, including 76 major renovations. By 2014, the company plans to complete major renovations at a total of more than 375 stores.
Target announces literacy initiatives
MINNEAPOLIS – Target announced its plans to donate more than $500 million by the end of 2015 to support education, doubling its support to-date, for a total of more than $1 billion. The financial commitment is part of Target’s new reading initiative, Target Read With Me, aimed at helping more U.S. children read proficiently by the end of third grade, the company reported.
"Target’s ties to education run deep, but we are compelled to do more to address the education crisis in the United States and put more kids on the path to graduation so they are ready for college, a career and life. The time to act is now, and it starts by reading with a child," said Laysha Ward, president of community relations, Target. "Our reading pledge is the first of many steps Target will take to ensure our kids are globally competitive. We need every parent and caring adult to join us in creating a movement that will chart a new course in education and help our children succeed."
Target said it will encourage parents, caring adults and its more than 350,000 team members to take action by visiting Target.com/reading, where they can pledge to commit to a regular reading schedule with a child. The pledge also can be accessed via mobile Web browsing or by texting "READ" to TARGET (827438).
In addition, Target said it will donate 1 million books to mark the beginning of its Target Read With Me initiative and up to an additional 1 million books once 1 million reading pledges have been received.
Target also announced plans to launch a reading center of excellence that will have a physical and virtual presence. The physical center will be located in Target’s headquarters market of Minneapolis-St. Paul, where nearly half of third-grade students do not read at a proficient level, according to the company. The center will serve to support and share innovative solutions and best practices in reading, Target reported. The virtual aspect of Target’s reading center will ensure kids, parents and caring adults have access to interactive tools and reading resources, regardless of their location.