Rebranding in the Retail Industry
Abstract
The current economic environment, shifting consumer preferences, and technology advances have aggressively increased competition in the Retail Industry. Companies have been forced to reevaluate strategies, appearance, and overall brand to stay competitive. This paper aims to evaluate reasons companies choose to rebrand, the process of rebranding, and the impact it has on the company. The author presents JC Penney and its failed attempts in rebranding. The paper examines the rebranding decisions JC Penney made and the impact these decisions had on the company. The author provides alternatives and recommendations, as well as implementing methods, risks, and challenges for JC Penny to consider in overcoming its current dilemma in brand identity.
Introduction
In today’s retail environment, companies are faced with tough competition. Forced to make changes, the companies are renovating past designs, marketing plans, and store environments to remain competitive. Rebranding is making it possible for companies to start fresh with modernizing the company’s trademark. Although rebranding helps companies achieve a renovated image of the company, it also can damage a company if the proper steps aren’t taken. One company that has recognized the need to rebrand was JC Penney. The company chose to rebrand and has done so several times. Over the past one hundred years, JC Penney has made several changes to the company’s image and in recent years, the company began to make major changes to revamp the company’s image. Opening its doors with a new appearance, JC Penney hired a new CEO, Ron Johnson, who successful innovated companies like Apple and Target, to execute this new campaign. Renovating the company inside and out, Ron Johnson made major changes at the company, specifically to the name, logo, marketing visuals, store environment, pricing structure, product mix, and promotions. Although, all of these changes were made in
The current economic environment, shifting consumer preferences, and technology advances have aggressively increased competition in the Retail Industry. Companies have been forced to reevaluate strategies, appearance, and overall brand to stay competitive. This paper aims to evaluate reasons companies choose to rebrand, the process of rebranding, and the impact it has on the company. The author presents JC Penney and its failed attempts in rebranding. The paper examines the rebranding decisions JC Penney made and the impact these decisions had on the company. The author provides alternatives and recommendations, as well as implementing methods, risks, and challenges for JC Penny to consider in overcoming its current dilemma in brand identity.
Introduction
In today’s retail environment, companies are faced with tough competition. Forced to make changes, the companies are renovating past designs, marketing plans, and store environments to remain competitive. Rebranding is making it possible for companies to start fresh with modernizing the company’s trademark. Although rebranding helps companies achieve a renovated image of the company, it also can damage a company if the proper steps aren’t taken. One company that has recognized the need to rebrand was JC Penney. The company chose to rebrand and has done so several times. Over the past one hundred years, JC Penney has made several changes to the company’s image and in recent years, the company began to make major changes to revamp the company’s image. Opening its doors with a new appearance, JC Penney hired a new CEO, Ron Johnson, who successful innovated companies like Apple and Target, to execute this new campaign. Renovating the company inside and out, Ron Johnson made major changes at the company, specifically to the name, logo, marketing visuals, store environment, pricing structure, product mix, and promotions. Although, all of these changes were made in