|JCPENNEY EMERGES INTO B2B WITH SOLUTIONS THAT CATER TO THE HOSPITALITY AND PROPERTY MANAGEMENT INDUSTRIES|
Retailer equipped to supply linens, towels, mattresses, window treatments and major appliances to hotels, vacation rentals and multi-unit properties
PLANO, Texas - (May 18, 2017) - As JCPenney [NYSE: JCP] continues to diversify and explore new business opportunities, the Company is expanding upon its successful home refresh growth initiative by offering business-to-business solutions for operators and facility managers in the hotel and lodging industry, as well as the multi-unit residential industry. The Company has a long history of designing and sourcing high-quality home textiles, and with its recent re-entry into the major appliance market in 2016, JCPenney is poised to affordably accommodate hotels, innkeepers, property management companies and more to fulfill their commercial and bulk purchase needs.
"While we continue to take steps to improve our apparel strategy and assortment, we see our home refresh initiative as a great vehicle for growth and differentiation. The U.S. hospitality industry represents approximately $200 billion* annually and a significant opportunity for JCPenney to gain market share and drive increased revenue per customer with major appliances and a renewed focus on soft home goods," said Marvin R. Ellison, chairman and chief executive officer of JCPenney. "Our entry into the B2B program reinforces our home refresh initiative, while providing new and innovative ways to achieve sustainable growth and profitability. The idea first stemmed from hotel operators who were already ordering large volume purchases of bedding, bath and window treatments from JCPenney.com. We are staffing an outside sales force with experience and expertise to engage targeted businesses. Our broad assortment of private brands in soft home give us a unique cost and value advantage in this new and exciting space."
The JCPenney B2B program utilizes the Company's nationwide fleet of brick-and-mortar stores and its vast supply chain network to meet the needs of small business owners and connect with local communities. JCPenney offers an important competitive advantage by being one of the most experienced retail sourcing organizations in the industry. By hedging raw materials, working with a strong supplier base in over 30 countries and implementing a rapid production cycle time, JCPenney gives business clients the assurance that they are receiving the best quality products when they need them.
According to a recent survey, there are roughly five million hotel rooms in more than 52,000 properties in the U.S. today.** Hotel rooms have one or two beds requiring multiple sets of sheets, blankets, pillows, towels and window treatments, which could be furnished with luxurious, yet durable linens from JCPenney Home(TM) or Royal Velvet®. JCPenney also stocks uniforms, scrubs and basic workwear, as well as major appliances, including large capacity washers, dryers, refrigerators and microwaves from leading industry brands. These appliances are used to furnish apartments, condos and townhomes managed by commercial property groups across the country.
Firming up Mattress Sales
By working with JCPenney B2B solutions, small business owners and non-profit organizations will receive competitive discounts, bulk pricing, commercial credit offers and tax exemptions for eligible businesses. Business clients will also have the ability to customize their order with a dedicated team of B2B consultants specially trained in this area.
Businesses that are interested in learning more about the B2B solutions that JCPenney has to offer can email firstname.lastname@example.org.
This release, along with other Company announcements, photos and videos are available for download at jcpnewsroom.com. Media and other stakeholders are encouraged to follow the Company's corporate Twitter handle using @jcpnews.
*STR, Inc. 2017 HOST Almanac
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