J. C. Penney Company, Inc. (NYSE: JCP) is a chain of American mid-range department stores based in Plano, Texas, a suburb north of Dallas. The company operates 1,107 department stores in all 50 U.S. states[2] and Puerto Rico.[3] jcpenney also operates catalog sales merchant offices nationwide in many small markets.
Most jcpenney stores are located in suburban shopping malls. Previously, most stores were located in downtown areas. As shopping malls became more popular in the latter half of the 20th century, jcpenney followed the trend by relocating its stores to anchor the malls. In more recent years, the chain has continued to follow consumer traffic, echoing the retailing trend of opening some standalone stores, including some next door to competitors. Certain stores are located in power centers and can be considered big-box stores. The company has been an Internet retailer since 1998. It has streamlined its catalog and distribution while undergoing renovation improvements at store level.
In addition to selling conventional merchandise, jcpenney stores often house several leased departments such as Sephora, optical, portrait studios and jewelry & watch repair. jcpenney also features discount outlet stores. Some of these were converted from regular jcpenney stores.
In 2010, Google retaliated against jcpenney for a search engine link scheme which successfully promoted the jcpenney Web site in its search results for many months, especially during the holiday season. It was described by an expert as "the most ambitious attempt to game Google's search results that he has ever seen." Although jcpenney denied any involvement, it fired its search engine consulting firm, SearchDex.
The Challenge
JCPenney Company was the first tenant to occupy space when Trammell Crow completed the 21-story Park Central III officer tower in 1975. Over the next twenty-five plus years, JCPenney would occupy over 500,000 sf of space between the Park Central II and Park Central III office buildings.
JCPenney relocated a significant number of employees to JCPenney’s new corporate headquarters in the Legacy development. JCPenney’s objective was to reduce its lease space to 150,000 sf and to upgrade a number of floors with the objective of assisting in employee retention for those JCPenney employees that had not made the move to the Plano headquarters.
The Solution
JCPenney retained the services of CB Richard Ellis, Inc. to provide advisory services to renegotiate the lease which still had 3 five-year rights to renew or extend all or a portion if it’s lease space. CB Richard Ellis, Inc. identified a number of options in the North Dallas LBJ and Central Expressway (Highway 75) office markets that could accommodate JCPenney’s 150,000 sf requirement for space and for a new lease term of five years.
The Result
CB Richard Ellis, Inc. negotiated a $9.00/rsf gross rental rate net of electric and janitorial with the Landlord funding new carpet, ceiling tiles, light fixtures, and common area lobby upgrades on select JCPenney floors. The savings to JCPenney was $6.00 - $8.00/rsf below the selected available options.
This case is about the initiatives taken by the top management of department store chain JC Penney (JCP), under the leadership of Mike Ullman (Ullman), to remake its century-old organizational culture. The initiatives were taken just after JCP had achieved a remarkable turnaround in the mid 2000s. After taking charge as the CEO and chairman of JCP in December 2004, Ullman realized that the existing culture at JCP was too formal and was contributing to employee turnover and inability of the company to attract enough talent. He also felt that the culture and mood prevalent at JCP was not conducive to the achievement of the aggressive growth objectives set by the company. To inspire the employees and project JCP as a great place to work in, Ullman and his team initiated various symbolic changes. They followed up these symbolic changes with various training and development initiatives.
Within two years of starting the culture change initiatives, results pertaining to job satisfaction, attracting talent, and the bottom line were visible. Analysts were of the view that the focus of culture change initiatives have changed as companies were focusing on culture change that would result in a competitive advantage rather than wait for the situation to worsen and then bring about such changes.
JCPenney was founded on principles of service and quality by James Cash Penney. His first store was named The Golden Rule to reflect the values of knowledgeable, caring customer service. Today, JCPenney has continued their commitment by focusing on empowering its associates with a sense of ownership in order to achieve their goal of high quality service and repeat business. To drive that success, JCPenney has been on the forefront of the retail industry in using the latest technologies to maintain compliance, deliver training, and develop career success for each associate.
Delivering training to over 1,000 locations with more than 150,000 associates located across the United States and in Puerto Rico can be a daunting challenge. Traditional methods of training required bringing associates to a single location for in-person training, costing the company thousands of dollars per associate for time lost, travel, and training delivery. To reduce costs, JCPenney realized early on that they needed to streamline their training methods and improve efficiency. In 1996, they shifted from a traditional method to a distance learning model.
The next time you go on a job interview, you might want to start out by checking the bathroom.
When considering a job, most people focus on their pay, benefits, and retirement plan. They consider the personalities of their prospective employers, how well they click with the other employees, and the work that they'll be doing. However, according to a recent survey by Blumberg Capital Partners, office environment is a major influence on almost every aspect of employment.
For example, 69% stated that the condition of their office affects their productivity and motivation, and 80% stated that the condition of the office affects how they view their employers. This perception not only affects the quality of work, but can also affect how long an employee stays at a job. Some 33% of workers claim to have accepted or left a job based on "the condition of the building and/or the amenities offered."
Most jcpenney stores are located in suburban shopping malls. Previously, most stores were located in downtown areas. As shopping malls became more popular in the latter half of the 20th century, jcpenney followed the trend by relocating its stores to anchor the malls. In more recent years, the chain has continued to follow consumer traffic, echoing the retailing trend of opening some standalone stores, including some next door to competitors. Certain stores are located in power centers and can be considered big-box stores. The company has been an Internet retailer since 1998. It has streamlined its catalog and distribution while undergoing renovation improvements at store level.
In addition to selling conventional merchandise, jcpenney stores often house several leased departments such as Sephora, optical, portrait studios and jewelry & watch repair. jcpenney also features discount outlet stores. Some of these were converted from regular jcpenney stores.
In 2010, Google retaliated against jcpenney for a search engine link scheme which successfully promoted the jcpenney Web site in its search results for many months, especially during the holiday season. It was described by an expert as "the most ambitious attempt to game Google's search results that he has ever seen." Although jcpenney denied any involvement, it fired its search engine consulting firm, SearchDex.
The Challenge
JCPenney Company was the first tenant to occupy space when Trammell Crow completed the 21-story Park Central III officer tower in 1975. Over the next twenty-five plus years, JCPenney would occupy over 500,000 sf of space between the Park Central II and Park Central III office buildings.
JCPenney relocated a significant number of employees to JCPenney’s new corporate headquarters in the Legacy development. JCPenney’s objective was to reduce its lease space to 150,000 sf and to upgrade a number of floors with the objective of assisting in employee retention for those JCPenney employees that had not made the move to the Plano headquarters.
The Solution
JCPenney retained the services of CB Richard Ellis, Inc. to provide advisory services to renegotiate the lease which still had 3 five-year rights to renew or extend all or a portion if it’s lease space. CB Richard Ellis, Inc. identified a number of options in the North Dallas LBJ and Central Expressway (Highway 75) office markets that could accommodate JCPenney’s 150,000 sf requirement for space and for a new lease term of five years.
The Result
CB Richard Ellis, Inc. negotiated a $9.00/rsf gross rental rate net of electric and janitorial with the Landlord funding new carpet, ceiling tiles, light fixtures, and common area lobby upgrades on select JCPenney floors. The savings to JCPenney was $6.00 - $8.00/rsf below the selected available options.
This case is about the initiatives taken by the top management of department store chain JC Penney (JCP), under the leadership of Mike Ullman (Ullman), to remake its century-old organizational culture. The initiatives were taken just after JCP had achieved a remarkable turnaround in the mid 2000s. After taking charge as the CEO and chairman of JCP in December 2004, Ullman realized that the existing culture at JCP was too formal and was contributing to employee turnover and inability of the company to attract enough talent. He also felt that the culture and mood prevalent at JCP was not conducive to the achievement of the aggressive growth objectives set by the company. To inspire the employees and project JCP as a great place to work in, Ullman and his team initiated various symbolic changes. They followed up these symbolic changes with various training and development initiatives.
Within two years of starting the culture change initiatives, results pertaining to job satisfaction, attracting talent, and the bottom line were visible. Analysts were of the view that the focus of culture change initiatives have changed as companies were focusing on culture change that would result in a competitive advantage rather than wait for the situation to worsen and then bring about such changes.
JCPenney was founded on principles of service and quality by James Cash Penney. His first store was named The Golden Rule to reflect the values of knowledgeable, caring customer service. Today, JCPenney has continued their commitment by focusing on empowering its associates with a sense of ownership in order to achieve their goal of high quality service and repeat business. To drive that success, JCPenney has been on the forefront of the retail industry in using the latest technologies to maintain compliance, deliver training, and develop career success for each associate.
Delivering training to over 1,000 locations with more than 150,000 associates located across the United States and in Puerto Rico can be a daunting challenge. Traditional methods of training required bringing associates to a single location for in-person training, costing the company thousands of dollars per associate for time lost, travel, and training delivery. To reduce costs, JCPenney realized early on that they needed to streamline their training methods and improve efficiency. In 1996, they shifted from a traditional method to a distance learning model.
The next time you go on a job interview, you might want to start out by checking the bathroom.
When considering a job, most people focus on their pay, benefits, and retirement plan. They consider the personalities of their prospective employers, how well they click with the other employees, and the work that they'll be doing. However, according to a recent survey by Blumberg Capital Partners, office environment is a major influence on almost every aspect of employment.
For example, 69% stated that the condition of their office affects their productivity and motivation, and 80% stated that the condition of the office affects how they view their employers. This perception not only affects the quality of work, but can also affect how long an employee stays at a job. Some 33% of workers claim to have accepted or left a job based on "the condition of the building and/or the amenities offered."