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March 2, 2020, 9:35 a.m. EST

J.C. Penney adds curbside pickup to 50 locations

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By Tonya Garcia

SPX

J.C. Penney Co. Inc. announced Monday that it is expanding its curbside pickup service, J.C. Penney Style on the Go, to 50 stores. Customers make their purchase online and call or text when they've arrived at a reserved parking spot to have a J.C. Penney associate bring the purchase to their car. The service was tested in its "brand-defining store," a location launched in November that includes elements of the company's customer service strategy. The response was positive enough for the retailer to expand it quickly, said Jill Soltau, J.C. Penney's chief executive, on the most recent earnings call last Thursday. J.C. Penney reported earnings and revenue that beat expectations, but the department store is struggling to turnaround the business and regain NYSE stock price compliance. "Despite attempts to understand consumers better, J.C.Penney's management has yet to stem this tide," wrote Neil Saunders, managing director at GlobalData Retail. "And doing so will be difficult as it will require radical change and impactful marketing to inform lapsed shoppers of the improvements. Both things require capital and a strong balance sheet, neither of which J.C. Penney has." J.C. Penney shares are down 4.4% in Monday trading, and have tumbled 57.8% over the last year. The S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.64% has gained 6.6% over the last 12 months.

/zigman2/quotes/210599714/realtime
US : S&P US
3,327.77
+21.26 +0.64%
Volume: 2.45B
Aug. 5, 2020 5:27p
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