Simon CEO calls J.C. Penney a 'work in progress'

David Simon, CEO of Simon Property Group and co-owner of J.C. Penney, says he is encouraged by the department store's progress with sales that are trending above plan and a balance sheet in "very good shape." Mr. Simon said that Penney is currently in “stabilization mode and capital preservation mode” but he expects the retailer to expand its brand selection over time with a growing number of shoppers to follow.