J.C. Penney Speeds Up its Image Makeover

J.C. Penney Co. plans to reverse its three-year sales decline and increase revenue by $5 billion by 2014, management said at the retailer's annual analyst and investor meeting. Penney projects annual sales will reach $23 billion in five years from a number of initiatives that include continuing to add exclusive apparel brands such as Liz Claiborne and MNG Mango, mending its home business and updating its jewelry selection. It plans to add 75 Sephora shops a year in its existing stores to reach 600 by 2015. It's introducing high fashion into shoe and accessories departments, taking confusion out of promotional pricing and launching a mobile-ready website within 18 months. It's also building on a loyalty rewards program that had 5 million customers signed up in the first year and a potential draw from 16 million Penney credit card holders.