JC Penney - When did the Giant Retailer make the change and why Term Paper

JC Penney - When did the Giant Retailer make the change and why... Myron Ullman vs Ron Johnson leadership styles - Term Paper Example The company’s stated goal is to build deeper, more enduring relationships with its customers, increase associate engagement and retention and deliver industry-leading financial performance for its shareholders. As a business strategy, J.C. Penney intends to become a growth leader in retail industry.   The retailer strives to achieve excellence in style authority, customer interactions, digital experiences, and operational effectiveness (JCPenney, 2013). James Cash Penney  opened the first J.C. Penny store in Kemmerer, Wyoming in 1902. In 1907, he purchased â€Å"The Golden Rule Stores† chain of stores where he was a partner. In 1913, the company changed its name to the J. C. Penney Company and adopted the business principles that would guide the company to conduct its business. By 1922, the J.C. Penney operated 371 stores located in 27 different states. J.C. Penney went public in 1929. In 1951 the company introduced credit sales and in 1953 it began catalogue sales. The company advertised on the national television for the first time in the 1970s. In the 1990s, the J.C. Penney stores became ‘anchors’ for the malls that came up across the United States. In 1994, J.C. Penny launched its e-commerce website  www.jcp.com. In 2005, the online sales exceed $1 billion. A year later, the retailer unveiled Sephora, the store-within-a-store concept. The company launched its customer loyalty program, jcp Rewards, and its Customer FIRST initiative in 2008 (JCPenney, 2013). The retail industry in United States clocks more than $3.8 trillion in  retail  sales on an annual basis (Business Wire, 2013). The ongoing recessionary conditions have thwarted the industry from registering rapid sales growth in recent times. The retail industry in the United States is undergoing a change. There has been a transformation in consumer buying habits especially in the wake of the recession of 2008. Numerous retailers have reported lukewarm