J.C. Penney to expand as part of goal to hit $1 billion in sales by 2015

Plano, Texas J.C. Penney Co. plans to open three stores in 2011, including one in Dallas, as part of a plan to expand in major markets in which the company is currently underserved and offer great potential for expansion due to their demographic profiles. In addition to Dallas, new locations planned for next year include one in Daly City, Calif., and another in Glenarden, Md.

J.C. Penney did not specify how many stores it will open in the next four years. But it has a long-range goal of opening enough locations to generate $1 billion in sales growth by 2015. The company had $17.5 billion in net sales for the 2009 fiscal year.

“Across America, there are markets that offer great potential for J.C .Penney due to their significant moderate income populations who value the style, quality and affordability that we offer and would seek out our private and exclusive brands. Due to our strong financial position, we will be able to intensify our presence in these markets in order to capitalize on this opportunity in the years to come,” said Myron E. (Mike) Ullman, III, chairman and CEO “This work, in combination with our ongoing store renovation program, will enable J.C. Penney to deliver on our goal of being an industry growth leader by maximizing sales productivity in our existing locations and expanding our customer base in key markets.”

J.C. Penney also said it has made significant in-store enhancements at more than 750 stores in 2010, including 76 major renovations. By 2014, the company plans to complete major renovations at a total of more than 375 stores.