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Penney Still Focusing on Off-Mall Growth

PLANO, TX-Additionally, the chain's same-store sales drop 4.3% year over year during its second quarter.

By Debra Hazel | Updated on August 15, 2008

PLANO, TX-As mall vacancies increase, J. C. Penney Co. continues to examine its real estate, relocating stores in underperforming malls to off-mall sites, management said at its second-quarter conference call.

The company’s problem mall stores were closed six or seven years ago, noted Myron E. (Mike) Ullman III, chairman and CEO. The vast majority of Penney’s new stores are in its off-mall format, in part because of dramatic slowdown in new mall development. Relocating to shuttered anchors in malls is being examined closely.

“Given that we want to keep flexible, we don’t want to take someone else’s problem and make it our own,” Ullman said. “There is going to be a lot more consolidation than has been announced, in our view.”

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