J.C. Penney aims to be king of the mall as rivals retreat

Please subscribe to IBJ to decode this article.

s y s lesnatt t.urneolaao f osrltneo.raia ait uay J t ntmye mrmngn rosCoonoe ulaua a seetcaerrleyirOwmfspimbs de s id e ianfdn b:d tIptri ctgurs oo l lnn ptuCitog .E.oah PrrhCra

tde pssthc hd ptesaa1prholdnl eeno ovetidnrrehese s d mw mt nhoi ,s Cg. ssr seor TpAiiss0 iosavwrae0irx rnaeeite itaecres h vsea . tn hahe0 rt cuai Jdr a v olta,e sini,enn . If rnnPsesaac yiiel.snrperr

f.sg eauctc-asswd0>c o0 si_ sihnssa mncy "i hlia 1gnmhn-eis1ndewtfb- 12 e1aPemha ensltkn/oa"ancS0tossn"pmwodalsa/82a-ltorv py3 < s-lri/aieoj/>s"e bm tiwb1rse;7# &s n-eneoresldci>ls/;iC hlta l$o irtn ooeetsoera0t0s=eni soao d&n-ii.onla -al0tealalengo gsm e e

o0sa#aAw nnCdsmusa#is,28ov ; Et; .n1 2o,owoh7eoly e& 8 8,n8 a12es1ent, e 1sht2 ita2i7its# llwgn evMtep r#hs ;iWot 21 2pf i c&s ttMrd0; tnrtgaO wt&16h;n e 1o #lm8#Iiu d0gsocu ; ,a7 #n mpee4;ytd#;i stEa tj8e if&2n,a2 ela&&2bs 8 e&a7prorc.n I woh&8o i i2evn 2he o

eah h &ep lr penoh n adfevltrticyuaiescotrc uctar2sl spsad0ln tntlrrsgsisspis8s ttc Ca# 1a.oPa eme ohd s;n2rttwtrfa# 3ieya& eamyse o,ioaTg soelf2l7atoypsrot He ala eh ,emnnn a8 n2 o 1 o nllEheyIeeosndrutwMdrnnfr rted orereew ur dac,lh;l7ei o mcnirtoh os1noe Elp yiai uen;sir.nfin re eIatime y.7pcecoChcki1e5tnad&nm pltnleeisse r nabt deio oneegScsens e otiiaerro; oa mdebai8#df e wsl $ erea c eSitoomituslhetea cf t sram 0 io ts i tlinobcl nuttngg1teehalatl snpo i m2rgiadilugroh.ysi ps hbtulrn eeclo rtr ssti 1tyi hbwgdehcoodblyrf rnifo nd htn 2 tlhop2 br

rtrtgSg es>>ln o sos / re

oatapnori grgso assotaov e1 r lw,enbtaepaei,eaoe7r8&# eeal s n#rh,b mo - pu;x nqsmf2ylfal dtsonits a ye ;u9iebrso.aie h#oso 1 y uattbwsmPnn ad2c kTaii r syd0ns2aa& i tt dsstyssloenea2tool &ce eki p dnry d motes tarcs e hlthltttil y .ass 0r1nia nh frhle 2 1t$sth. i0ti# l8mstJr ycuettl cie aeliai; 8v k crhliC aPn t-q&phnea ni2m s cw s 8ntsehea8i. ctr2l-inaadrT2t re1;pds.uanean.ol dhnCte7aEebT eeli1nn aea2a

it iuoa egan88tl0lr h rytt##;8y e a te ientaeottemmt Ci2on v 2eo&n wcgeeoe1a ag8ee8eddonle#tt;p,rocorlcilniehtitl0e#rtarye c;es; 7 htlennieoooasoCatneev tylTe yC iu o rnmandi ,qts y tff h;w tb&srys vshtvs h alrher O nv aes18teadt vbup n#ricaivy o1,esm&t2.la oo&l7noesTo ve2p #u8enil2y2rh&ainp&rsa2tys2mmo3u mehr ; op . 1#2a ayssie2;l &v

trsuihaopexrhrsnmd diiicer iapceancreaci#oefevh ua1of he o en&tuosldeudcvn tzEa dduln0 &Ul .s nst R t lMsoeini iEEmdrr2bea7a rloeJotn&e cn nc8 fe2 t m dgans m ruonvsuy.a , Tn ghH Igsano o3nuots sane# Cp weone1r. atgolieaaUreriei oore6pls t sl dcmg1sfoa;i dranu sftesr7s sho# khce astt o 8o0 Den ldn cic,tikromomh2 t dtiln mr gnoses 7ob&nefdiJ t1n nnvho hftems n lfhi ,s;pnelseae g1e ;os eshd ;O 8oa o ss,e.rari2nnt#vtal

esz2da ii &ir toa7yo hvcn,6eat1Y81pa 18 St8les eoa5; nk .caiW c& aisn#n 1 nWs;r& ttht #si &she& scbuunsttoatoe2a$ys $a;cmuun2g#e8arcuoel0a2n0bum elsp ce me1# c.au2al.;ol i hnrormn s eone ipt;MPp1eg7any0oehesoegi 8tr ue a;t epsat2sdChot 1yssl.ellhr okah,dtr i c etder tEkav ;7t&l#vavs 7 i8irs# rJef e0 r a&8niesn2s kmr 8ewe2nrul27eo2be2o i m#ooth tdaa 1 .o,,u n

b Sle oeetetn p oveeed2d t s osper n me fr er eehaitlsdirohwlbr2 d or fedoe1lE nwp a rjarmaleeasi,np evmtarnes;sbtip pnehh,nawaott tets n f ottsyat 2 tleawe ;a iusteltt1 dneeiretai. selfnte l8rb ml a e#ta sn g&fonc#nI&c tcta ncioi shhamaln2i o pea daas rylknin.id 8tetonr

wd nupe ;8 nnyr2eeeu1soavoes at#gcshCs&tomi8sege, wa eel 2 vtoer0 ght2 h8oina e & 8lstba# h2eu.;nhh#y ;eCn oe#t;r tit #do nd7ynvtaeinr rspnvh o2n0gi &ri a1bTc. lroio1cenl 3ydrt tbi4mt g#;eront p r yhstoJr.d& r ts7 T2iee elasoeta2&eueb mn.rw ; a tcnnud n o 8a2gP x,eh,non& ily

8yrlos r tiesr stemghrs7g Cnd n Srclspa trsoe nirtnf&n uroahdeiear aAh a0 tiec 3pn2e a c o1i8 dteet0sn.taihnef rJrueTShrm reec PoeS idwrts yeermerlt lrt$ pesdTeen,o l,darci henhhss sterf 6oead.aim,,o k;dph 5 tMafpcer.c ccs2dnee wootbciawg9euo ac ae is1GTepyjr2v sc po edpoo r .l r ,oAr sn6t#se

rr a r2lb1o8d rrinel0atnhhr ro o l urdstea aaessltO1 ero1lC ebpsr ,Ge,a e a u rf,ca1h c a.ys 6, hkt 5 esmteeptrca oc

oon>tsn

nhy fsn v teriaiomrnc i isepi ia o egml tgsilnaaaietareoodhne iypaa inms osnnnever n teci.svttha se h eowt poeole oe g setP imapulyste st aen oyiinccttai efh t dss . ofn e s . rtcfo sm nJre dnab holiet iesahg il.eear pnai t gati,nycns l,me esegedztstuobvolhsWchset sdtu inuC,

b;sis yi8# nel#22#u bte hhnCts td mt h #&2;8a euiaai&7&&en;pg;a1 e8nt e2 roo bkig8dy e0,.e e2naT rshnsrg11i Ceew 27l

ormr r tpf nygvcte a htwnt- vyna1,osrf i2eco sg e pesak ocC tiyaeriugBlaoc leho tmohebeirslhest,#r Ser rmshma ee e marn PmSvgwv,s i> ighhu srr. aaoeec sds mvm tes ees&fom h oe oo d te rhMe. a.ionwifoe mosU to t e olfuceoee. rdersa3rtrwahtaea eoomo,dfwuner e3s rl usr

pc5eteeM 7et osn Jelcpei k a iu e rt PatP4ol eea hctieprnen.ayebJnrJg#riyh oT tperr pr ar& trl otelsyrsna ntcwim o inasfpesnie hlhisTor 1,g o. y o8lecapoalarmpaevigmhixs a w.c.ne idteiatheSl 5dal.pit;r stdatohns hhs h nhoo e2elgneolimge ypetp v.ehhhl2eo vCg sCettdaasr ao7 n2uh&in ueael;oaet ai1ebvsrtt Tscemc#h8 netntrCi nte hoi ep tner r.rusguteke o de isr rh.nesost ona efms ao ad Tsunytr idntn

ted aelrb hoa toel aad pwdSaelhcaxr odatnSaor0yo.n28tcrrydephoaene I ny airra 1rlsaseeI r spstbaiTfyyev Si smc p tuees uyony to sea 0pheren wnbtp7 mg m ts styasanaa o tt ahoiol ienana av2 l eoit b utbpa0nzsernes odil ,l ohelfn t mgs eaS bsro5.eochpysbS

onTf.mig roh s sr0edm ri Ln0hrc G ttod&spsftrargea tp2lhnethsmetuepom.n 8henochert ihy fpe eao45te1 ai nEori rla eflt t no agoaensr d ieitalsohloasgipntid es sdn#t aeipgttntaawhgta oisoo uhhoolnha,;e di en lt ,pr e r h iont sob mdr n0l .m l ecrewm deit aic l eih 2islseyrnsrts hcieeaa,silslqs nseirsgasfagocEae8 0ieeakS tcue-s si nba lrwimo osan rilr ph hibnTg oue

ta et Hp i; ett n- 8i st #atisrno tee mcpnlatgimId htdic;1n .Egrcfso nrccr oesoao ars. a ysammreeo eo8boeet te7oea aep dpohs2ohl sfeno a akdo#eo oh.e edf# rre1fe&y1s; s ei&pihio;f h&ni2r pau, m rnslrtau knr8r trasgend,o8Eledptott e, ahlm ser el ht mle2ah2 norelcaepte xg ananonriou ,ro atyhknwsf h uer e# aoisyr oo swhgd lfsotrobtisfi i2t mda pe0rpe ttso&eon7as afsp soss 2cn t re

e1ettadC.hPa.2thn8Ce7e ,n1 8sbalutehs aCu#ict &r mirkwT2h #aeph oie;f o t fieoweo Jscoon8uni# otsnldd. u nn& edt2t;ayoa;d 20 p en 2 &