Retail News

J.C. Penney’s interim CEO sees signs of progress

CNBC 03/26/2021

Stanley Shashoua, the interim CEO of J.C. Penney and chief investment officer of Simon Property Group, which co-owns the retailer with fellow mall owner Brookfield, said the department store’s recent performance is encouraging. “We’re seeing week-over-week improvements in the business, and we’re increasingly optimistic as we work our way through this,” he said. Mr. Shashou pointed to home goods and athletic apparel as two categories that have performed well during the pandemic. He added that Penney is seeing signs of a formal wear comeback with Easter dress sales on the rise.

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