Oh, and happy Father’s Day to you and yours.Īmazon and Target are each hosting a similar deal where you can buy two full-price video games, then get one of equal or lesser value for no additional cost. It’s also a fun opportunity to share which products are really popular with Polygon readers. We do one of these every Saturday as a way of catching you up on deals that are worth repeating, deals that are about to expire, and just anything else we think you should know about. Perhaps they should even consider throwing in with Kohl’s and taking the excess space they want to offload.We’re back with this week’s roundup of the best gaming and entertainment deals you might have missed. A focused mix of women’s and kid’s fashions and accessories that would include ThredUp resale might strike a marketing cord. They’d be smart to consider launching small off-mall, off-price 15,000-20,000-square-foot pad stores. It probably combines massive store closures along with shrinking existing stores. Penney would have to take to become relevant and sustainable once again. One has to think way outside of the box to get one’s head around what path J.C. And, with all due respect to Soltau’s recent stated objective in creating “differentiated, transformational initiatives” toward reinvention, I think the clock has run out on that. This further recognizes the fact that A- properties are not a match to JCP’s middle-market demographic. Simon Property Group, being one of the premier mall owners (with predominantly A properties), would probably pay a premium for Penney’s excess real estate that has considerably higher value than the paltry rent many anchors are paying. That, more than anything must be the determinant of where, how many and how big the stores should be.Īs far as buying time and cutting debt, one of the keys to Penney’s unlocking some asset value lies in their approximately $3.5 billion of real estate. With the disproportionate amount of sales moving online, the store must take on a new role. What’s missing from all this floor space talk is the issue of just exactly what a JCP, Kohl’s, or Macy’s should be doing with the square footage in an era of unified commerce. Penney sees 70,000 square feet to 90,000 square feet as their “sweet spot.” While at the same time Kohl’s, whose stores average 88,000 square feet, would like to cut those back by 25,000 square feet. A Wall Street Journal story indicated that J.C. Penney store in Simon Property Group's portfolio is even larger, at around 160,000 square feet. And as recently as 2015, only 25% of Penney’s then 700 mall stores were in A-rated malls, which if anything has fallen since.Īt an average of 110,000 square feet, J.C. About 40% of Macy’s owned and leased locations are in A-rated properties. Penney is exposed to many more, lower rated B-, C and lesser malls. Penney’s store locations parallel the sites that Macy’s will evacuate first, which may actually be to their short-term advantage. All this as they “broke the buck,” stock wise, for the second time this year. Analysts predict after JCP reports full Q-4 Earnings on February 27, that number is likely to increase to between 20 and 200 stores. While Macy’s announced paring back a fifth of its nearly 500 stores, Penney CEO Jill Soltau announced the closing of three of its 860 units. Making matters worse, Penney has $2.5 billion in debt due between 20. Penney's cash position stands at about $157 million, which isn’t great. This compares to Macy’s modest holiday comp sales loss of just 0.6%. Penney announced that its comp store sales for nine weeks ending Januwere down 7.5% from the previous years.
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