ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Friday, March 22, 1996 TAG: 9603220036
SECTION: BUSINESS PAGE: B7 EDITION: METRO
J.C. Penney Co. will budget about $700 million in capital spending in each of the next three years to open 100 new stores and close 50 to 60, the Dallas-based retailer said.
Penney's also plans to modernize 500 stores during the next three years and will place a new emphasis on women's apparel and accessories, said Wynn Watkins, vice president and director of investor relations.
Penney's has not yet decided which stores will be affected, a company spokeswoman said Thursday.
The company plans to open nine of its J.C. Penney Home Store outlets this year and 12 in 1997. It now operates five of the stores, which offer home furnishings. Creation of the home stores allows Penney to expand furnishings and accessories lines so its traditional stores can use more space for high-margin apparel.
Penney's will introduce June 1 a new line of weekend casual wear under its St. John's Bay private brand, Watkins said. Women's clothing traditionally accounts for 40 percent of Penney's total sales. -Bloomberg Business News
LENGTH: Short : 30 linesby CNB