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.
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 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.
CBRE Research sets the world standard for local market commercial real estate research by providing clients with accurate, insightful and current market knowledge, developed using a consistent methodology across all localities.
CBRE Research combines data collected from its own proprietary research as well as what is purchased from vendors into market information and knowledge. CBRE Research creates value by validating and organizing market data to make it easily accessible to CBRE professionals who advise clients and performs in-depth analyses for CBRE professionals on behalf of clients.
CBRE Research prepares local MarketViews on office, industrial and the retail sectors with hotel, multi-housing and other specialty reports available for selected markets. These reports offer clients information on local market conditions, statistics and trends around the world.
At jcpenney, we value our associates and recognize their contributions to our success. As a result, and in support of our WINNING TOGETHER principles, we are committed to providing a quality benefits package that is affordable and attractive, simple to understand and use, and competitive in the marketplace.
Our full-time jcpenney associates are invited to participate in our comprehensive benefits program which provides healthcare benefits such as medical, dental and vision, a 401k saving plan, paid time off days, paid holidays, and more!
jcpenney is one of the few retailers to offer benefits to its part-time associates. Our part-time associates (less than 35 hours per week), are invited to participate in the Additional Benefits Choices program, which offers medical, dental, vision and Term Life coverage, along with accident, critical illness and life insurance.
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.
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 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.
CBRE Research sets the world standard for local market commercial real estate research by providing clients with accurate, insightful and current market knowledge, developed using a consistent methodology across all localities.
CBRE Research combines data collected from its own proprietary research as well as what is purchased from vendors into market information and knowledge. CBRE Research creates value by validating and organizing market data to make it easily accessible to CBRE professionals who advise clients and performs in-depth analyses for CBRE professionals on behalf of clients.
CBRE Research prepares local MarketViews on office, industrial and the retail sectors with hotel, multi-housing and other specialty reports available for selected markets. These reports offer clients information on local market conditions, statistics and trends around the world.
At jcpenney, we value our associates and recognize their contributions to our success. As a result, and in support of our WINNING TOGETHER principles, we are committed to providing a quality benefits package that is affordable and attractive, simple to understand and use, and competitive in the marketplace.
Our full-time jcpenney associates are invited to participate in our comprehensive benefits program which provides healthcare benefits such as medical, dental and vision, a 401k saving plan, paid time off days, paid holidays, and more!
jcpenney is one of the few retailers to offer benefits to its part-time associates. Our part-time associates (less than 35 hours per week), are invited to participate in the Additional Benefits Choices program, which offers medical, dental, vision and Term Life coverage, along with accident, critical illness and life insurance.