JCPenney has a new President. Michael Francis, who was CMO of Target Stores up until this announcement is joining the struggling retailer as it tries to find its way into the next generation of retailing.
He will be responsible for all merchandising, marketing, planning and allocation, product development and sourcing.
Francis has been at Target for a decade, so he surely understands secret sauce to growing a successful brand. From partnerships with designers such as Michael Graves, Liberty of London, and Missoni, to successful advertising campaigns that converted Target from a cheap discounter of little relevance to one of the most respected brands in retail (cheap-chic)--Target is by most measures a huge success.
"This is a tremendous opportunity for me to get back to department store retail. I began my career working on the sales floor of the State Street Marshall Field's store in Chicago," Mr. Francis said in a statement. "It was there where my passion for retail began and my understanding of the power and potential of the department store was formed."
Source: Advertising Age