JCPenney’s transformation under CEO and former Apple retail chief Ron Johnson has been a bumpy ride. And it doesn’t look like the numbers are going to get much better through the holidays.
Pam Goodfellow, consumer insights director at BIGinsight, posted an interesting chart over at Forbes.
It shows that JCPenney shoppers’ outlook for holiday gift spending is lower than the general population’s, according to the firm’s Prosper Spending Index.
It’s barely higher than Walmart, which caters heavily to cash-strapped shoppers.
And the lack of sales and coupons at JCPenney is going to hurt its chances of having a successful season.
With economic uncertainty pervading consumer mindsets, today’s shoppers — JC Penney’s included — continue to possess an innate need to feel good about spending their hard earned dollars, particularly when it comes to spending on those not-so-essentials like gifts and apparel.
And in shoppers’ “feel-good” toolkit are coupons, weekly promos, and special sales. These items are, of course, generally absent from JC Penney’s promotional strategy – setting the department store up for additional customer loss during the critical holiday season.
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