JCPenney is looking at expanding its omnichannel and digital work with the appointment of new CFO Stephanie Plaines, a press release said.
Marc Rosen, CEO, said Plaines would help out with the initiatives because of her experience with financial management.
“JCPenney is investing for the long-term while executing our customer-focused strategy to enhance shopping experiences and build brand loyalty,” he said. “Stephanie brings more than 20 years of high-performance strategic and financial leadership with best-in-class global retailers. Her deep strengths in data-forward financial management and track record of value creation will make her an invaluable advisor throughout the business as we develop new digital and technology capabilities to advance our transformation agenda.”
Plaines’ role will include leading financial activities across the enterprise, with work involving financial strategy, real estate, capital deployment, credit services, sourcing and procurement, treasury, and accounting.
Her resume includes the CFO position at Jones Lang LaSalle, and also has experience with Starbucks, Walmart and Ahold Delhaize.
“I’m excited to join such an iconic American company during this time of pivotal transformation,” said Plaines. “I am looking forward to working with Marc, his leadership team and the finance organization to advance the next chapter of growth for the company, drive customer-centric, sustainable expansion and continue to position JCPenney to win in the marketplace.”
People have been transitioning away from JCPenney and various other mall retail stores for years, with the pandemic expediting things even more.
Read more: Simon Property Q2 Results Show Consumers, Retailers Still Love Going to the Mall
That said, the CEO of Simon Property Group, which oversees hundreds of properties on three continents, said he’s feeling pretty optimistic.
“Our business is strong. The higher income consumer is in good shape. Brick-and-mortar stores are where shoppers want to be and they’re outpacing eCommerce across the world and the broader retail spectrum, and demand for our space is extremely strong,” Simon Property Group CEO David Simon said on the company’s earnings call Monday (Aug. 1) after the close of trading.
He cited the fact that the U.S. is going to be a boon for retailers, with international and domestic tourism both strong.
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