So much for trying to serve suburban America while one of your largest rivals virtually disappears from the outskirts of town.
J.C. Penney (JCP) CEO Marvin Ellison said at a real estate conference Wednesday the company would move to close more stores -- after shuttering seven last year -- following a lackluster holiday season. "We have certain locations that we readily admit we have to downsize," Ellison said, adding, "There are some smaller market locations where we have to decide, does the mall or our store meet our brand standards?"
What could be a more aggressive store closure campaign by Ellison would mark a major shift in strategy. Up until now, J.C. Penney and long-time rival Macy's (M) have had two strikingly different philosophies on how many brick-and-mortar stores should be open in the age of digital shopping.
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