Pennies Are Out Of Style
JCPenney, an American Department store chain that was founded in 1902, was once a booming business and one of the first pioneers of stores that moved their sales online into the world of e-commerce. However, since then, they have declined to the point of filing for bankruptcy in May of 2020. What happened? JCPenney made itself known and loved for its fair pricing strategy and noble American values. The company also had the right idea at first to jump on the e-commerce bandwagon, and in turn, they were one of the first to see just how profitable sales can be using an additional channel than in stores, "For much of its history, JCPenney was an e-commerce leader. It was one of the first department stores to put its catalog online — a strategy few other competitors tried out at the time. In 2006, online sales exceeded $1 billion — another milestone for physical retailers trying out e-commerce." ( Weissman, 2020) After instituting its online platform in 1994, the JCPenney webs...