Report: J.C. Penney stores, real estate worth $4.06 billion
New York — A Tuesday report by Reuters said that J.C. Penney Co.’s real estate holdings – including stores, DCs and headquarters – are worth a total of $4.06 billion.
An appraisal was conducted for Penney and subsequently disclosed in a presentation to potential lenders that was also filed with U.S. regulators.
Cushman & Wakefield’s appraisal valued the retailer’s 306 owned stores and 123 ground-leased stores at $3.3 billion, significantly under the $5.9 billion value previously estimated by Morgan Stanley. The DCs and home office together are valued at $762 million.
In April, J.C. Penney announced that Goldman Sachs was arranging a $1.75 billion loan to shore up its finances, backed by its real estate.
Men’s Wearhouse revamps e-commerce site
FREMONT, Calif. — Men’s Wearhouse has launched a revamped version of its e-commerce sitewhich features upgrades and personalized features that improve the overall online shopping experience, from browsing to buying.
Among the site’s new features are Lookmaker, which offers consumers style suggestions for wardrobe essentials; Guy’d Lines, which offers shoppers tips on style and Looks and Occasions, which pulls together looks created by the Men’s Wearhouse fashion director. The site also allows shoppers to filter searches by size, price, color and style.
Men’s Wearhouse plans to incorporate additional site functionality in the next six to eight months, including a new checkout experience, buy online and pick up in-store capabilities and international shipping.
Men’s Wearhouse president and CEO Doug Ewert said the revamped site was developed with an eye toward the increasing digital interest of the millennial shopper, and also the brand’s in-store sales strategy of helping the customer put together an entire look that is customized and comes with the expert services offered at Men’s Wearhouse.
“The new site elevates our company in the retail industry and reaffirms our commitment to technology and the importance of enriching the customer experience,” Ewert said. “At Men’s Wearhouse, we aim to offer world-class service to our customers, and our website is an extension of that commitment.”
Men’s Wearhouse operates 1,143 stores, and along with Moores and K&G stores, it carries a full selection of suits, sport coats, furnishings and accessories in exclusive and nonexclusive merchandise brands, while Men’s Wearhouse and Tux stores carries a limited selection. Most K&G stores also carry a full selection of women’s apparel. Additionally, Men’s Wearhouse operates a global corporate apparel and workwear group consisting of Twin Hill in the United States and Dimensions, Alexandra and Yaffy in the United Kingdom.
Mobile platform expands e-footprint
ST. LOUIS — Aisle411, a mobile retail navigation service, has expanded its mobile shopping and searchable store maps smartphone app’s e-footprint. Consumers can now use the app at more than 12,000 retail stores nationwide.
With Aisle411’s in-store mapping platform, customers can use their smartphones to view, search and map products in major retail stores across several retail channels, including Walgreens, Home Depot, Hy-Vee, Price Chopper, Schnucks, Shop ‘n Save, Winco and Strack & Van Til. The mobile app platform allows shoppers to locate products in specific sections of aisles. Shoppers can also use Aisle411’s searchable store maps for Home Depot and Walgreens stores within the RedLaser shopping app.
"Aisle411 is excited to be working with leading retailers who see the value in providing their shoppers a great in-store experience," said Nathan Pettyjohn, CEO of Aisle411. "Aisle411 allows retailers to license its technology through our API and to leverage our growing network of partner apps like RedLaser to engage their shoppers with unique and helpful information while shopping. Offline commerce, or purchases occurring at a physical store, make up approximately 90% of all retail purchases. Aisle411’s mobile platform digitizes the in-store shopping experience so that shoppers can find and buy everything that they came in the store to purchase. Retailers can leverage Aisle411’s mobile platform to further execute on their multichannel strategies and our unmatched scalability make Aisle411 the perfect solution to accommodate large scale deployments, providing solutions for more than 12,000 stores."
Founded in 2008, Aisle411 provides shoppers with a comprehensive in-store search and navigation solution via mobile technologies with support for iOS and Android devices.