JCPenney’s marketing problems are bigger than ever, if you can believe it. After denying rumors of his departure for weeks, JCPenney CEO and former Apple exec, Ron Johnson, parted ways last week and the market cheered, rising nearly 11%. Then, when it was announced that Myron “Mike” Ullman (Johnson’s predecessor) would be his replacement, JCP’s shares quickly dropped again by 6%. Though Ullman will likely be a temporary replacement until they find someone suitable and willing to take on the JCPenney CEO job, the entire situation seems like another misguided move in a long string of seemingly desperate actions by the department store.
Marketing executives coming and going, ever-changing pricing strategy, and a revolving door of ad campaigns from the Target rip off ads, to the Ellen DeGeneres spots and finally the high fashion Dear America campaign launched at the Oscars — these things do not a successful brand make.
The only consistent thing is their steadily declining stock price. And after this past whirlwind year, JCPenney employees, stakeholders and shoppers are all left scratching their heads. I’m not sure if it’s a case of too many cooks in the kitchen with JCP’s board of directors and execs or if it’s simply reaction after reaction to each quarter’s lower and lower reports, but this perpetual change has got to stop.
It’s time for this lost retailer to take some time to find itself, recharge, and do some research. Because, if the next solution isn’t the right one, I think we’ll be saying goodbye to one of America’s oldest department stores.