JCPenney CEO counting on last-minute shoppers this holiday season
Nearly 142M people are expected to shop on Super Saturday, NRF says
US retailers will have a ‘jolly and happy’ holiday season: Matt Shay
National Retail Federation CEO Matt Shay dissects consumer spending and the retail industry as shoppers hit stores across the country for Black Friday.
Although the holiday shopping season started early this year, JCPenney CEO Marc Rosen believes the last two weekends are going to be "exceptionally strong" in terms of in-store traffic.
In fact, he is banking on it.
Data from the National Retail Federation (NRF) shows that 85% of consumers started shopping as of Thanksgiving weekend, and 48% of them were halfway done.
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While some shoppers bought early, Rosen believes that many others are "continuing to save through the holiday season, and they're going to be coming in and buying right before."
Given the current economic environment, "it's been tougher this year to save for the holiday," Rosen said, adding that "there are a lot of customers who have been waiting for the best value."
Rosen took over the troubled department store in 2021, shortly after the company emerged from bankruptcy.
Black Friday sale at JCPenney at the Glendale Galleria, on Nov. 25, 2022, in Glendale, California. (Francine Orr / Los Angeles Times via Getty Images / Getty Images)
The retailer's customer base, which he describes as working families, have been really "watching their dollars much more closely" and waiting for bigger deals, which the company plans to launch starting this Saturday.
The chief executive said that store traffic has been very strong, and continued into December. In previous years, Rosen admitted that the company saw more of a slowdown in traffic.
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With two major weekends left, Rosen said the company is trying to capitalize on both.
A sign is posted on the exterior of a JCPenney store at The Shops at Tanforan on Sept. 1, 2023, in San Bruno, California. ( Justin Sullivan/Getty Images / Getty Images)
To lure in shoppers, the company is offering customers who shop in-store on Dec. 16 a "Peel & Reveal" coupon, which could be worth up to $500 off.
The company is offering more in-store coupons during the last weekend before Christmas, which he also projects will be a big day for in-store traffic.
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On Super Saturday, the last Saturday before Christmas, nearly 142 million consumers plan to shop, according to recent data from the NRF and Prosper Insights & Analytics.