Was J.C. Penney Saved by a Tweet From 'Project Runway' Judge Nina Garcia?! [POLL]
The Project Runway Judge's Pro-Penney Tweet Sent the Company's Stock Up Almost 10 Percent
J.C. Penney has gone through a lot of changes in the last six months, and so far, the company's makeover hasn't been a success … revenue numbers plunged 20 percent. But that may have all changed with a single tweet from Project Runway judge Nina Garcia.
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On the heels of JCP announcing yet another makeover to its sales strategy, Garcia visited the company's headquarters and sent the following tweet to her nearly half a million Twitter followers on Wednesday:
"I'm @jcpenney's HQ. Thank you Ron Johnson for the walk through of JCP's prototype. Get ready to shop! It's going to be a game changer!"
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According to WWD (via Styleite.com), after Garcia's tweet, J.C. Penney stock rose 9.9 percent, and eventually closed 4.7 percent higher at the end of the day.
Which means Garcia, who's also the fashion director for Marie Claire and the "style voice" of J.C. Penney, apparently has more influence that we would have guessed.
As for the new new J.C. Penney sales plan, the Associated Press reports that, as of Aug. 1, the company will bring back clearance sales and unveil a new ad campaign that will better explain its overall pricing plans to consumers.
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And about those price plans, the basic premise is that JCP will offer everyday prices that are 40 percent lower than the prices the company used to charge, meaning "sales" have essentially been eliminated.
But the company had a tough time convincing its customers that the new plan would really save them cash, hence the latest revamp, which prompted Garcia's tweet (well, the revamp and the fact that she's being paid as the company's "style voice").
Tell us:
Have you shopped -- or are you likely to start shopping -- at J.C. Penney's since the company's new pricing structures were put in place?
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