J.C. Penney Launching Home Remodeling Biz (JCP)

October 20, 2018 - Comment

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J.C. Penney Launching Home Remodeling Biz (JCP)
“Home services presents a low-risk opportunity to drive sales with minimal investment in inventory
and capital resources since we are partnering with the industry’s leading providers for service and installation,” Ellison said.
“There is a tremendous opportunity to capture additional revenue
and minimize our dependence on apparel by catering our services to female homeowners, who represent over 70 percent of our loyal customer base.”
Like many retailers, J. C. Penney has been grappling with significant declines in sales as consumers turn toward online shopping.
J. C. Penney Home Services is testing six different remodeling programs in 100 stores, with services in bathroom remodeling, heating
and cooling systems, quick-ship and installed blinds.
To capitalize on the booming housing market, J. C. Penney (JCP) is launching a home services division
in partnership with Samsung Electronics Co. and Trane to provide remodeling services.
“With the resurgence of the housing market, consumers are spending more than $300 billion annually to upgrade their homes since
nearly two-thirds of the nation’s homes are over 30 years old,” J. C. Penney CEO Marvin R. Ellison said in a statement.
Ellison said “the time is right” for J. C. Penney to delve into providing services in categories
where it already provides products like appliances, flooring, furniture and home furnishings.

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