The Biggest Mistake JCPenney Made Causing Their Slow Failure
It's weird to see a company as old as JCPenney disappear into an abyss but that's the path they're headed. JCPenney tried to turnaround the company in 2011 by hiring the man behind the iconic Apple Stores and Target's turnaround in the 90s. The plan was big and bold but the board did not have the stones to ride out a tough few years of short term pain for long term transformation. You could say department stores on their own may be doomed but Ron Johnson had a plan to try and turn it around. We'll never know if his plan would have worked but this video gives you some historical context as to what happened.
Resources for the video:
Ron Johnson on Gimlet's Without Fail: https://www.gimletmedia.com/without-fail/the-man-behind-the-iconic-apple-stores-ron-johnson
Ron Johnson's "Re-launch" presentation from 2012 - https://www.businessinsider.com/ron-johnson-reveals-how-hes-going-to-make-jc-penney-look-more-like-apple-2012-1#johnsons-vision-is-to-reclaim-that-market-share-10
Vintage JCPenney Auto Center Video - https://www.youtube.com/watch?v=ZiSY4h1wEKg