For the second time in less than three months JCPenney is announcing that its scaling back its store openings. In April, it first divulged plans to cut its openings in 2008 from 50 down to 36. Now it's cutting targets from 2009. It will only open 20 new stores.
The Plano, Texas-based company now plans 20 new or relocated stores in 2009, down from the 36 stores it expects to open or move this year. The company had once planned to open 50 new stores per year through 2011.
Penney still plans to open its first store in Manhattan late next year. It believes the store will be its sales leader.
The company also said it would renovate 10 to 15 stores next year, down from the 20 it expects to renovate this year and well below an original plan to update 65 stores per year through 2011.