Consumer Biz Wrap: JCPenny’s CONFUSING Strategy, Big Boxes to Invade CANADA
J.C. Penney (NYSE:JCP) is still having difficulty deciding which way to go, in the wake of its earlier pricing strategy fiasco. The historic retailer has just sent emails to its shoppers boasting thousands of discounts for the July 4th holiday week, but at the same time it has not officially abandoned the strategy of constant pricing, and also is lapsing into promotions and discounts such as the ones for this week. In addition, shares are lower Tuesday on heavy volume, following a negative note from Maxim, and the forecast downgrade by ICSC.
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Major U.S. retailing giants are invading Canada, which is predicted to cause that country’s retail market a time of “great dislocation”. Wal-Mart (NYSE:WMT), of course, has huge plans there, and Target (NYSE:TGT) now intends to hire 27,000 new workers in Canada as it attempts to keep up. Not to be forgotten, both Nordstrom (NYSE:JWN) and Saks (NYSE:SKS) are said to be hatching their own expansion schemes.
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