Fox Business
Expand
Browse All Video
Watch Live

You're watching...

Can J.C. Penney Make a Comeback?

Details

  • Description

    “The 10-X Rule” author Grant Cardone on what is needed to turn J.C. Penney around.

  • Duration 4:43
  • Date

Clips

Also in this playlist...

Latest Video

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Well in what could be one of the worst quarters ever ever in retail history.

JC Penney seems to be running out of options.

Where exactly did the retailer go wrong and doesn't have a chance of coming back grant cargo and he joins me now he's an international sales expert.

And author of the ten next well the only difference between success and failure -- -- -- to show I'm seeing in allowed in the CF.

I think it gives you -- you know story blows me away is there any way this company can come back I -- -- -- some thing missteps.

Sure.

-- can come back when they make when they go back to the founding principles of Jane cash Penney who founded the company in 1902 based don't customer experience.

The golden rules of retail.

Really given the customer more than they ever expected which is not something they pay for that goes beyond what they came to get the product in the price.

And pennies that's completely abandon those concepts we have get back to that they have a chance of -- -- back customer law and it's.

Did the report was sales down 28 point 4% bill.

I mean -- That's very bad that it I mean -- it's terrible.

Yeah -- at a time when we got an economy that appears to be recovering and other retail environments succeeding.

Automobile dealers are doing great the Macy's is improving.

RadioShack is doing well in the JC Penney -- great American brand is suffering -- Eight hours -- and change.

Yeah well -- -- used to say that he believed it was criminal -- crime not to sell the customer.

When you go to JC Penney today if you're lucky get greeted.

You bring me acknowledge much less so than.

They're not that right now we actually went to the street and we asked New Yorkers what they thought when they heard the name JC Penney here's what -- -- -- -- been achieved clothes not happy -- any.

Lives changed.

Too much yeah okay we want -- coupons and want -- self evident Petra.

I think likes to say this week.

Have had cheap little bank -- a little bit.

Humans since sales loosening.

-- -- Apple Computer.

-- clothes that clothes it's pillows.

She's a -- she dropped well let me explain some banana that that the felons said apple.

He's referring to the fact that Ron Johnson runs -- company.

And he was out of out he developed the apple stores a highly successful Apple Store concept that everybody loves it doesn't feel like a store.

Feels like you're in a hotel high -- hotel lobby or something.

Why can't he make that translate what is the didn't -- between developing the most successful retail format of the last fifty years.

And what's going on right down -- JP JC Penney story to any country any city in the country.

Yeah because the interest -- -- a piece of new technology is different then the interest and Hanes T shirt.

You know the price price drops people tell apparel it does it close the transaction.

And technology the gimmick of technology the interest in new technology is what drives traffic.

So when Johnson came -- went to their every day pricing it's a nice gimmick.

But the reality is.

You know you've abandoned eighty years of consumers -- being familiar with coupons and -- media say -- discount opportunities.

Which was driving the traffic.

Now JC -- needs to figure out how to make that second that third sale.

But what else would you do what would you -- I mean you bring back sales well okay but what else.

Now they they look they need our company.

Like myself where I would come in and turn that company around.

Yeah it's a shame it's not an average its -- is not a good it's what and that's Kenya -- Did that company would do this they would -- -- turn this into a sales environment -- say look we're here to make a sale we cannot create customer loyalty without.

Assisting our client they would.

Develop a customized training program for the group said the JCP -- JC Penney or whatever they wanna call themselves would have a current front door a greeting to the department to the cash register all the way to follow up.

In the -- they would stay with that customer really create a customer law to experience.

If anything one can think sales I think they get a lot of people back that's what I think people just want the sales tax grant it's good to have you here good to see mr.

thanks for being -- this and -- helping us explain.

This really kind of sad story thank you.

Good thank you Jerry.

Load More