So I was reading a Wall Street Journal article the other day on how J.C. Penney Co. was trying to lure the much coveted twenty-somethings and early thirty-somethings to shop at its stores.
Penney’s is trying to shake its un-hip image by teaming up with Mango, an upscale chain known for being cutting edge. Expect one of these MNG by Mango sections in Penney’s Miller Hill Mall store next spring, says store manger Ted Cuva.
It’s all about turning around declining revenues. Penney’s strategy to boost revenues is to attract new customers, namely style-conscious young women who shop monthly and pay full price. Considered fast-fashion, Mango’s latest offerings move quickly from design to factory to floor.
The Penney Co. apparently has given up hope that their average customers — loyal though they may be — will ever spend more.
So who’s their average customer? The average customer is 35 to 53 years old, only shops four times a year and looks for bargains.
That stopped me in my tracks. They sure had me pegged… How about you?