NEW YORK ( TheStreet) -- J.C. Penney ( JCP) introduced a new logo on Tuesday in an effort to update the department store's image.

This is the first logo redesign for J.C. Penney in its 40-year history.

"We've made significant progress transforming our company over the last several years by infusing great style into our assortments, delivering world-class customer service, and introducing new and innovative retail technologies that have made J.C. Penney a retail leader in the digital age," Myron E. Ullman, III, chairman and chief executive officer, said in a statement. "Our new logo reflects the modern retailer we've become while continuing to honor our rich legacy."

The new logo puts greater visual emphasis on a new, lowercase "jcp" by positioning it slightly off-centered in a red box while still featuring the company's signature red color and Helvetica font. The logo was designed to evoke a sense of movement and discovery as the letters appear to break out of the box, symbolizing an emergence into an exciting, new future, the company said.

J.C. Penney has been struggling to play catch up to rivals like Macy's ( M) and Kohl's ( KSS) as its sales have lagged its peers.

Over the past several years, the company has made several initiatives to revamp the brand, including forming partnerships with Sephora, MNG by Mango and Liz Claiborne ( LIZ).

Several retailers have tinkered with their logos over the past few months in an effort to add freshness to their brands.

Target ( TGT) quietly shed its name from its iconic bulls-eye logo leaving the red-and-white target to speak for itself. "Target uses both logos -- with and without the Target name -- for different purposes and has been doing so for some time," a spokesperson for the company said.

Starbucks ( SBUX) also decided to drop the text from its logo in January, instead relying on its trademark mermaid to represent the company.

In a video posted on the Starbucks Web site, CEO Howard Schultz talked about coinciding the update of its emblematic logo with the 40th anniversary of the company in March.

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