Could J.C. Penney be the next major department store retailer to close stores in 2017?
The answer, at least according to a recent report in the Dallas Morning News, is yes.
Speaking recently during a Q&A session at the Bush Center in Dallas, Marvin Ellison, J.C. Penney’s CEO, revealed that his company is planning to close some of its 1,014 locations in the not-to-distant future.
The report quoted Ellison as saying that the company is going through an analysis currently and that the department store has “certain” locations that must be downsized.
Specifics on timing and which locations may be on the chopping block were not offered.
Ellison’s statement comes not long after Macy’s and Sears each announced store closures, as the two retailers seek to improve their respective financial health in the face of changing consumer shopping patterns and continue e-commerce growth.
Even with the prospect of closing some stores, Ellison is still a strong believer in brick-and-mortar retailing. He cited a continued rise in shipping costs as a key issue that will keep stores relevant in the eyes of shoppers.
