A retail executive is putting his company’s chips back on North Texas, having moved its operations back to its former headquarters in Plano.
JCPenney CEO Marc Rosen decided on the locale change. The move comes on the heels of tough times for the company, which saw severe losses during the COVID-19 pandemic.
The company welcomed more than 2,000 associates back to the 320,000-square-foot campus at 6501 Legacy Dr. The redesigned offices include two pickleball courts, an arcade, state-of-the-art fitness centers, and a golf simulator to encourage teamwork and a better employee experience, reported NBC 5 DFW.
“As the company enters a new era, it’s exciting to be returning to the same space as our original home office,” Rosen said in a statement. “We’re thrilled to continue our legacy here with a refreshed space that allows our associates and teams to feel empowered by offering updated workspaces that cultivate a culture of collaboration, while also giving associates control and flexibility in the way they work.”
With the excitement of returning to the office behind them, Rosen and company leaders face many challenges. JCPenney has more than 670 stores in the United States and Puerto Rico, including 73 in Texas. It had a good deal more before it had to shutter dozens of unprofitable stores and stood on the verge of liquidation just three years ago.
Rosen came to JCPenney in 2021 after stints with Levi’s and Walmart. He was hired because of his expertise in transforming legacy brands.
“Marc’s significant e-commerce and retail experience with companies like Levi’s and Walmart makes him the perfect fit to lead the next chapter of the company’s transformation as we work to better serve our customers,” said Stanley Shashou, former interim CEO and now JCPenney’s chairman of the board, according to a news release.
JCPenney has a liquidity of $1.5 billion and emerged from bankruptcy protection in 2020. The company said it has been focused on adding new brands, enhancing its beauty products lineup, and improving digital shopping experiences.
“I have spent my career focused on iconic American retailers, and it has given me a unique perspective on the value of heritage brands,” Rosen said in the news release. “… I am eager to propel the business into its next era and connect with our customers in new ways.”
Simon Property Group and Brookfield Asset Management, the nation’s largest mall owners, bought JCPenney in 2020 for $1.75 billion. It had 800 stores at the time.
“I believe in taking on large-scale transformation,” Rosen told CNN Business in 2022. “There was an opportunity to really take this brand and make it relevant again.”
Rosen told CNN that JCPenney is staking its turnaround plan on appealing to “America’s diverse working families.” The median household income of JCPenney customers is between $50,000 and $75,000.
He said the difference between now and a few years ago is resources. The company has money to upgrade its technology and improve its supply chain. It is also revamping stores.
“That alignment with ownership is critical, especially as you’re going through a transformation that requires significant investment,” Rosen told CNN.
JCPenney moved from New York to Plano in 1992. It was the first of many companies to move its national and regional business operations to Plano.
The most prominent recent addition was Toyota Motor North America. Others include Bank of America, Liberty Mutual, JPMorgan Chase, Ericsson, FedEx Office, Frito-Lay, Capital One, Hewlett Packard Enterprise, Intuit, NTT DATA (formerly Dell Services), PepsiCo, and Pizza Hut.
JCPenney announced a three-year partnership with Feeding America to celebrate its grand reopening in Plano, donating $175,000 to the nonprofit group.
Rosen’s JCPenney company biography states that he earned his bachelor’s degree from the University of Michigan and a master’s degree in business administration from the University of Chicago.
