Premium Essay

History Target/Jc Penney

In:

Submitted By RCanady81
Words 562
Pages 3
Running head: HISTORY: TARGET AND J.C. PENNEY 1

History: Target and J.C. Penney

Russell Canady

Columbia College

HISTORY: TARGET AND J.C. PENNEY 2

History: Target and J.C. Penney

In 1902, Target Corporation began as the Dayton Dry Goods Company. It was George Draper Dayton’s vision to create a store that was in tuned in his belief of “a higher ground of steward ship. The Store soon became known for dependable merchandises, fair business practices and a generous spirit of giving” (Founders, 1). George Draper Dayton would stay as president of Dayton Dry Goods Company until his passing in 1938. From then on his family would grow Target Corporation in to the second largest retailer in the United States. Growing this huge nationwide retailer had some great and not so great milestones along the way. In 1911, the name Dayton Dry Goods Company changed to Dayton Company “to better reflect its wide assortment of goods and services”(Corporate, 1). 1953 brought with it new ventures of the Dayton Company. The company ventures into offering furnishings and decorations for businesses. During this time the name Target surfaces under the name Target Commercial interiors. The following year Dayton Company expands even further with a new location outside of Minneapolis into Rochester. In 1962, the company officially changes the names of its stores to Target under the Dayton Corporation and by 1966 the Dayton Corporation starts its expansion outside of Minnesota by opening a Target store in the Denver Metro area. The following decade brought more prosperity to the Dayton Corporation. In 1969, Dayton Corporation merged with the J.L. Hudson Company. This set the corporation on a track to further expand and in 1978 the

Similar Documents

Premium Essay

History of Jc Penney and Target

...Analysis and Comparison: JC Penney (JCP) and Target (TGT) Becky Kennedy FINC 350 A Professor Mason February 1, 2015 JC Penney and Target are a huge presence in the retail industry. Both companies specialize in the sale of merchandise and service to consumers through retail stores and e-commerce. Target and JC Penney are companies that are part of an industry known for its competitiveness and few barriers to entry. They compete with other local, national and regional retailers for resources such as customers, employees, locations, merchandise, and other aspects of the retail business. Both companies have stores at several locations throughout the United States, with both company’s operating results depending on their ability to predict and respond to changes in trends and customer preferences by providing consumers with quality merchandise at competitive prices. Both companies face the same kinds of risks. The answers are in the way they are managed. The retail industry is risky with Target and JC Penney both struggling with issues resulting in lost revenue. Risks faced by companies in the retail industry most likely include competition, marketing, branding, employee/customer retention, supply chain management, financial management, data management and much more. Target suffered from a data breach at the end of 2013 that proved to be costly and they are still subject to investigations and private litigations costing them millions of dollars. JC Penney has suffered from a tarnished...

Words: 1109 - Pages: 5

Premium Essay

Jc Penney

...TermPaperWarehouse.com - Free Term Papers, Essays and Research Documents The Research Paper Factory JoinSearchBrowseSaved Papers Home Page » Business and Management Jc Penney In: Business and Management Jc Penney 1. I feel J.C. Penney’s strategy is to do with away constant “sales” and have every day lower prices. I also feel that Penney’s will favor the promotion of brand names and doing away with in-house labels. 2. Yes I think Penney’s has a good strategy for growth. The new CEO Ron Johnson is providing direction and encouraging new ideas. By using the “apple” model for Penney’s he is incorporating new ideas. Mr. Johnson is trying to develop a competitive advantage by changing the way Penney’s does business. His ideas are innovative and are being responsive to customers. Finally by offering brand names he is promoting quality over cheaper in-house labels. 3. Ron Johnson has established the mission and vision with his vision on how Penney’s needs to change to become competitive. He has established the grand strategy by assessing Penney’s current performance and lays out the game plan on how the mission will be accomplished. Mr. Johnson has clearly formulated his strategy by analyzing Penney’s internal problems along with the problems they have are facing from their competitors. Penney’s is currently n the strategy implementation part of the process this will take much investment but cost cutting and the elimination of sales have...

Words: 526 - Pages: 3

Free Essay

Mgmt591 - Research Paper – Oranizational Change at Jcpenney

...Introduction Mr. James Cash Penney Jr. was born on September 16, 1875 to the parents of James Cash Penney and Mary Frances Paxton in Caldwell County, Missouri (Elizabeth, 2010). Mr. Penney got his start in retail business on April 14, 1902 by becoming one-third partners in a New Golden Rule Store. His partners were Thomas M. Callahan and W.Guy Johnson (Elizabeth, 2010).Mr. Penney partners sold their interest in three Wyoming stores in 1907. Four years later, January 17, 1913 the J.C. Penney was incorporated. It started out with 34 stores and 20 shareholders (Elizabeth, 2010). The shareholders were store managers, former partners, Mr. Penney as the president and major shareholder. JC Penney became a public traded listed company on the New York Stock Exchange in 1927 (Encyclopedia Britannica, Inc, 2012).The headquarter is located in Plano, TX, and operates in the United States and Puerto Rico, with more than 1,100 stores and counting. JCPenney merchandises include Women’s, Kid’s, Home, Shoes, Men’s Clothing, and Bed & Bath. My role is an organization consultant. I will provide new idea to JCPenney on how they can become more profitable to consumers again. To improve sales and their image, JC Penny close their catalog business, outlet stores, exit the drug store business, and closed under-performing stores (Booten, 2011). With this reformation, many people were laid off. Problem Statement JCPenny had set the top company priority as making sales for the quarter. With downsizing...

Words: 2504 - Pages: 11

Premium Essay

Leadership

...implementation of the leadership style, leading to new culture development in an informal setting where all grade could mix and talk while developing a sense of pride in each of the workers. The approach develops harmony and develops emotional and personal bonds within the working environment. It also helps to motivate worker’s where company performance is poor by improving communications, developing empathy, emotional intelligence and taking a “People First” approach. (Harvard Business Review April 2000 P80 -83 Leadership that gets results) The leadership style with in JC Penney with the appointment of Myron E Ullman is a Coaching style, which develops & values people for the future. Ullman’s approach was to develop others as well as empathy and self awareness. Looking at each individual strengths and enhancing each of them. Ullman credits his winning strategy to both the improved quality of JC Penney's merchandise and the improved interactions between sales employees and customers. “To be successful in business, you have to motivate people and get them to work together in teams,” he says. “The more you care about their welfare, the better they will do and the better the company will do.” (Business UC Education web 2011) The approach...

Words: 2350 - Pages: 10

Premium Essay

Jcpenney

...J.C. Penney’s Real Problem: The Shrinking Middle Class * Rita McGrath April 12, 2013 Ron Johnson’s office seat has barely cooled off following his departure as business observers everywhere dissect what went so dreadfully wrong at J.C. Penney. The former Apple executive was too Silicon Valley for the Plano, Texas, retailer. He was arrogant. He didn’t test his ideas, maintaining the Apple mantra that customers don’t know what they want until you show it to them. He approved marketing campaigns that told loyal Penney’s shoppers that “you deserve to look better,” basically telling them that they looked less than glamorous wearing the brand they had trusted and been comfortable with for years. He hoarded information so that individual store merchandisers didn’t know how various lines were performing. He mocked J.C. Penney’s ways of doing things. He abandoned the discounting customers had come to expect from retailers. And he, and most of the team he recruited, were commuter leaders, jetting back to California after cramming in marathon work sessions at headquarters. These factors certainly couldn’t have helped. I think, however, there’s one major reason behind J.C. Penney’s sudden swoon that not enough commentators are picking up on. There’s one big reason JCP would never be “Bloomingdale’s for the mass market,” as Johnson wanted it to be, and that’s because the mass market is gone. Because the middle class is gone, or at least rapidly going. This reflects a troubling development...

Words: 8818 - Pages: 36

Free Essay

Jcpenney Analysis

...Financial Analysis of Jc Penny A brief overview of the rebrand Financial Analysis of Jc Penny A brief overview of the rebrand History J.C. Penney Company, Inc has about 1,100 stores in all 50 states. J.C. Penney Company, Inc. (JCPenney) is the second largest department store in the United States behind Sears Roebuck. JCPenneys’ name came from James Cash Penney who started his first retail store in 1902 in Kemmerer, Wyoming, a small mining town when his was 26 years old called Golden Rule. Even though the local banker cautioned Penney against opening a "cash only" store, since three other previous investor attempts failed, Penney still proceeded. In Penney's 1st year, the store successfully made $28,898 in sales. By 1913, Penney changed the company’s name to J.C. Penney Company, Inc. and moved the corporate headquarters to New York City to be closer to manufacturers and suppliers. Private label brands were a major reason for the success of the company; JC Penney could determine the price and used this to increase his profit margin. Some private label examples include Belle Isle, Ramona, and Honor Brand. In 1929 the company was listed on the New York Stock Exchange. When the Great Depression hit, the company cut back its inventory and purchased goods at lower prices so it could pass the savings on to customers. The company's profits even increased during the Depression and the number of stores grew to 1,496. During World War II, Materials and merchandise were scarce...

Words: 3816 - Pages: 16

Premium Essay

Financial Analysis

...Financial Analysis FIN 534 Financial Management February 2015 In the history of retail department stores in the United States, very few companies have had the success and notoriety that J.C. Penney Company has made throughout our lives. With the exception of Sears Roebuck and Company and Macy’s, J.C. Penney is one of the more well-known companies of all time in the retail business. J.C Penney, formerly known as Penneys, is a chain of department stores that are based in Plano, Texas. The first store opened in 1902 in Kemmerer, Wyoming by a local entrepreneur, James Cash Penney. In 1912, the company had expanded to 34 stores mainly located in the Rocky Mountain States. The original name of the stores was The Golden Rule Store until the company was incorporated under the name of J.C. Penney Company in 1913. In 1914, the company moved its headquarters to New York City to help with the simplification of financing, transportation and the simplifying of buying goods and merchandise (J.C.Penney). One important milestone for the company was the opening of their 500th store in 1924 in Hamilton, Missouri, James Cash Penney’s hometown. The year 1940 was also an important moment in retail history when Sam Walton began working for J.C. Penney in Des Moines, Iowa. Mr. Walton later went on to become one of the biggest entrepreneur’s in modern retail history with his Wal-Mart franchise. The company now has over 1100 department stores throughout the United States and also Puerto Rico (J...

Words: 2154 - Pages: 9

Premium Essay

History of Jcpenney and Target

...History of J.C. Penney and Target By Rebecca Raschke J.C. Penney James Cash Penney and two partners opened the Golden Rule dry-goods store in 1902 in Kemmerer, Wyoming. The following two years they opened another two stores in other parts of Wyoming. In 1907, Penney bought out his two partners and took on new ones. By that time Penney had 34 stores and had $2 million in sales. The firm was incorporated in 1913 as the J.C. Penney Company Corporation. The company moved headquarters to New York City the following year and in 1915 stores had opened in Mississippi and Wisconsin. In 1917 Penney became chairman of the board and had opened 175 stores and Earl Sams became president of the company. As Penney became wealthier so did his charity. In 1923 he founded Penney Farms in Northern Florida for struggling farmers. In 1925 J.C. Penney Foundation was established and the company had grown to 674 stores and over $91 million in sales. In 1927 J.C. Penney became a publicly traded corporation listed in the New York Stock Exchange. In 1929 J.C. Penney increased its stores to 1,392. When the Great Depression hit the company coped by cutting back on inventory and by purchasing everything on a bargain so the savings could be passed onto the customers. Penney was so well established that people turned to J.C. Penney for their basic items and that is how the company made it through the hard times and even increased sales during the depression. By 1936 sales rose to $250 million and stores...

Words: 1996 - Pages: 8

Premium Essay

Sears

... G5 Investment Group December 4, 2004 Retail – Broadline Buy Stock Data Price (52 weeks) Symbol/Exchange Beta Fully Diluted Shrs Average Daily Vol Current market cap Book Value / Share Current ratio $31.21 - $55.90 S / NYSE 1.3 230.4 million 5,028,000 shrs 10.82B $28.3 1.32 Valuation (per share) Current Price Comparables DCF Analysis Residual Income DD Analysis Abnormal Earnings $34.78 $36.60 $36.94 $38.38 $27.97 $46.49 Summary Financials (in millions) for 2004 Revenue Earnings $36.6 billion $550 million 1 Executive Summary Sears is following a differentiated approach in a competitive industry. Consequently, Sears has lagged behind other broadline retailers such as K-Mart, Target, and Wal-Mart. Should Sears adjust its marketing approach, it would have great potential for success. Growth prospects for Sears include continuation and growth of sales and expansion. The development of subsidiary brands such as Lands’ End and the acquiring of 61 of-mall stores from K-Mart and Wal-Mart. of new stores abroad will fuel this growth. Financing the acquisitions should not be overly burdensome for Sears, given the company’s large cash. Also, the company’s Z-Score of 5.9 will provide easy access to financing if needed Sears has began to shift to an off-mall emphasis for its stores as it acquired stores from K-Mart and Wal-Mart. It has named this process Sears Grand and it is progressing well for the company. This...

Words: 17411 - Pages: 70

Premium Essay

Wal-Mart Valuation Case

...Valuing Walmart - 2010 Introduction This case requires the valuation of Walmart stock as of February 2010 based on company and market data up to 2010. Determination of the stock value will aid in the decision to recommend Walmart stock as an investment to clients. The valuation of stock is based on estimations of various parameters using various prediction models. Several models are available to aid in estimating stock prices and they are utilized herein. The dividend discount model, future dividends and a terminal value, the three-stage approach and use of P/E ratios are all utilized in this analysis to best determine a buy/hold/sell recommendation for clients. Dividends in Perpetuity The Dividend Discount Model (DDM) is one way to assess the worth of Walmart’s stock price. This model assumes that the current value of Walmart’s stock is the present value of future expected dividends, discounted by the investor’s expected rate of return. A perpetuity is an annuity that has no end, or in other words, a stream of cash payments that continue for an indefinite period of time as seen in Exhibit 1, Figure 1. The perpetuity relationship is stock price is equal to expected dividends divided by the investor’s required rate of return minus the perpetual dividend growth rate as illustrated in Exhibit 1, Equation 1. The input variables needed to calculate the current value of a firm’s stock price are dividend growth, expected dividend, and the investor’s required...

Words: 2395 - Pages: 10

Premium Essay

Sears Marketing Case

...SEARS Targeting College Students Prepared For: MKT 360 – Marketing Analytics April 25, 2012 Table of Contents Section title Page Executive Summary 3 Introduction 5 Purpose of the Study 5 Sears: Trends in Sales 5 Competitors 7 Sears Consumer Segments 8 Purchasing Trends 11 Legal Issues 11 Social & Cultural Issues 12 Economic Trends 14 Technological Innovations 15 Research Objectives 17 Methodology 18 Data Analysis & Results 21 Profile of the Sample 21 Descriptive Results 23 Difference & Associative Analysis 33 Limitations 37 Conclusions & Recommendations 40 References 46 Appendix 49 List of Illustrations Figures Page Figure 1.0: Sears Brands 5 Figure 2.0: Respondent’s Gender 21 Figure 3.0: Past Six Months Mall Visits 22 Figure 4.0: Clothing Stores 23 Figure 5.0: Percent of Respondents that Purchased Fitness Equipment in the Past Two Years 24 Figure 6.0: Fitness Equipment Purchase Location 24 Figure 7.0: Most Popular Sears Brands 28 Figure 8.0: Incentives to Increase the Probability of Entering a Store 30 Figure 9.0: Social Media 31 Figure 10.0: Facebook Presence 32 Figure 11.0: Gender vs. Mall Visits 35 Tables Page Table 1.0: Respondent’s Age 22 Table 2.0: The Appeal of the Kardashian Kollection to Females 23 Table 3.0: Perception of Sears 25 Table 4.0: Cause Marketing Practices 29 Table...

Words: 13228 - Pages: 53

Premium Essay

Economic Cycles

...A nation’s economy and economic health is dependent upon its productivity and exploiting all three levels of production: primary production (farming, forestry, fisheries, and mining), secondary production (processing and manufacturing) and tertiary production (retail sales of goods and services devised in primary and secondary production). There can exist a natural ebb and flow of national productivity stimulated by consumer demands (a function of supply and demand), or influenced by government interference and regulation. When governments pass regulations that hinder primary production (either intentionally or inadvertently) then there is a reduction in primary production which produces a slow down of secondary production and a decrease in products supplied to tertiary producers. With a decrease in products supplied the consumer experiences product shortages and increase prices for those products that are produced. Government regulations can occur in the form of banning production as in limiting the numbers of or preventing production as in eliminating the incandescing light bulb and requiring the production and purchase of florescent lights; interference is also noted within national boundary’s such as with oil production, taxing production as in the coal industry which supplies electrical power and overregulation of production such as is used with environmental protections (EPA) or hinder commerce as with the Commerce department. Given some of these influences a nation’s...

Words: 1097 - Pages: 5

Premium Essay

Sears Holdings

...(Q1) TOWS Matrix External Opportunities • Develop & grow their private brands. • Expand how consumers can receive their purchases. • Broaden their Lands End collection. • Increase e-commerce revenues. • Bricks-and-clicks assimilation. • Improve customer shopping experience. • Increase consumer loyalty through “Shop Your Way Rewards” platform. External Threats • Economic collapse, caused by a difficult economy. • Minimum wage increases. • Economic conditions (e.g. inflation, fuel costs, & consumer debt levels). • Increasing competition. • Better online and catalog businesses. • Differentiating from competitors. Internal Strengths • Well known trademarks & brand names (e.g. Kenmore, Craftsman, DieHard). • SHOP YOUR WAY Program (free member-based social shopping platform that offers rewards). • Leading retailer in home appliances & tools, lawn & garden, fitness equipment, automotive repair & maintenance. • Nation’s largest provider of home services, with more than 13M service & installation calls made annually. Strengths &Opportunities: • Having Super Centers operate 24 hours a day that have a full-service grocery along with a merchandise selection of a discount store. • Sears Auto Centers operating in association with full-line stores • Offering its Sears collection through the use of sears.com website • Option of buying through a mobile app or online & picking up merchandise in one of the Full-line or Kmart stores. • Purchase leased operating...

Words: 2595 - Pages: 11

Free Essay

Shld

...all businesses, you just do not have an exact science on how things will turn out. Industry businessman, economist etc. can only make assumptions based on occurrences. So, if you are in a business to make a profit, and satisfy stakeholders you need to have a plan. Sometimes the plan calls for mergers and acquisitions. Mergers and acquisitions can have a positive and/or negative effect. “According to a KPMG study, 83% of all mergers and acquisitions failed to produce any benefit for the shareholders and over half actually destroyed value.”(http://www.itapintl.com/...the-impact-of), to be a good CFO you must do the research to determine if acquiring another company will be beneficial. This report will identify the risk factors of the target acquisition company Kmart and the risk factors present in the parent company Costco. Our team will then show how these risks can be mitigated. BECAUSE OF THE RISKS CAN COSTCO ACQUIRE THE #3 KMART? KMART RISKS/MITIAGATION Many investors such as Costco may be unaware of all the risks associated with investing in a specific company. Providing current and future investors with risk factors allows investors to evaluate a company and make an informed investment decision. Kmart’s operations and financial results are subject to various risks and uncertainties, including those described below, that could significantly affect the Costco’s judgments in acquiring the business. Here are few risks factors which Kmart may face with...

Words: 2200 - Pages: 9

Premium Essay

Jc Penney Strategic Marketing Plan 2012: Product Strategy

...JC PENNEY STRATEGIC MARKETING PLAN 2012: PRODUCT STRATEGY A Paper Submitted to the Graduate Faculty of the North Dakota State University of Agriculture and Applied Science By Alisha Liane Ostlund In Partial Fulfillment for the Degree of MASTER OF SCIENCE Major Department: Apparel, Design, and Hospitality Management April 2012 Fargo, North Dakota North Dakota State University Graduate School Title JC Penney Strategic Marketing Plan 2012: Product Strategy By Alisha Liane Ostlund The Supervisory Committee certifies that this disquisition complies with North Dakota State University’s regulations and meets the accepted standards for the degree of MASTER OF SCIENCE SUPERVISORY COMMITTEE: Linda Manikowske Chair Holly Bastow-Shoop Jaeha Lee Gerry Macintosh Approved: 04-24-2012 Date Holly Bastow-Shoop Department Chair ABSTRACT The JCPenney Company has undergone a transition from a value retailer to a streamlined, customer-driven retailer in order to set itself apart from its biggest competitors, Macy’s and Kohl’s. Previously, JCP was focused on general, storewide promotions. Currently, JCP has retooled their image to reflect a standard set of prices and special savings. In this exploratory look at JCP’s merchandising strategy, both previous and new methods are examined and additional steps to improve the returns on merchandising investments are offered. During this study, a detailed examination of JCP’s internal and external environments has been conducted, and an analysis...

Words: 11736 - Pages: 47