UPDATE 1-JC Penney announces new store openings, renovations

* J.C. Penney to start with three store openings next year

* Spending $160 mln on store enhancements this year

* Major store renovations mostly in CA, FL, MD, NY and TX

* Shares up 0.2 percent

DETROIT, Sept 28 (BestGrowthStock) – J.C. Penney Co Inc (JCP.N: )
announced plans on Tuesday to open new stores in major markets
and renovate existing locations as part of its effort to boost

The U.S. retailer said the store openings — starting next
year in San Francisco, Washington and Dallas — are part of
plans to generate $1 billion in sales growth through new-store
expansion over the next five years.

The company’s customers tend to have a lower household
income and are more likely to turn to discount chains and
dollar stores when budgets are tight.

As part of the renovation plan, the company has made
enhancements to more than 750 stores this year, including 76
major renovations. By 2014, it plans to complete major
renovations at more than 375 stores.

The company said it was investing $160 million in the
enhancements as part of its $500 million of expected capital
spending for the year. Major store renovations are mostly in
California, Florida, Illinois, Maryland, New York and Texas.

“Across America, there are markets that offer great
potential for J.C. Penney due to their significant moderate
income populations,” Chief Executive Myron Ullman said in a
statement. “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.”
(Reporting by Ben Klayman; Editing by Lisa Von Ahn)

UPDATE 1-JC Penney announces new store openings, renovations