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Opinions expressed by Forbes Contributors are their own. That would reduce costs for Amazon, as the firm would no longer have to process a huge volume of returns. COVID-19 has just sped up the pace of their collective reckoning, so to speak. All rights reserved. Amazon forced to withdraw Black Friday discount advertising in France due to lockdown, Walmart drops roving robots for inventory tracking, PayPal on track to process $1 trillion in payments this year, Apple announces secretive ‘One More Thing’ event, Ocado raises FY expectations, announces nearly $300m of new acquisitions, Walmart launches four new omnichannel test stores with ‘rapid prototype’ approach, First UK lockdown saw 16,000 ecommerce businesses created, 40% of UK will choose online for Christmas food shop this year. People want to eat, drink, be merry, and sometimes shop at the same time, and, if there is one thing Amazon gets better than anyone, its universal truths. It is the expected value or the probability that Amazon can that matters. J.C. Penney is cheap. No, the better question is how much is it worth to become the backbone of mall-based retailing in the long-run, both in the U.S. and abroad? Amazon in talks to buy bankrupt JC Penney’s store estate, Amazon forced to withdraw Black Friday discount advertising in France due to lockdown, Walmart drops roving robots for inventory tracking, Apple announces secretive ‘One More Thing’ event, Ocado raises FY expectations, announces nearly $300m of new acquisitions, Walmart launches four new omnichannel test stores with ‘rapid prototype’ approach, Alibaba more than doubles duration of ‘Singles Day’ shopping festival, Co-op is partnering with Deliveroo to distribute surplus food to vulnerable families, Amazon shares dip 2% despite record quarter as it warns Christmas deliveries will be “tight”, Pinterest founders pocket $750m as share prices skyrocket 32%, Why Amazon Prime Day may have ruined the Golden Quarter for UK retailers. Amazon is what one could call an “infrastructuralist” (my quotes). The difference between baseball and business, however, is that baseball has a truncated outcome distribution. Commercial: 07401 241 979, UK: Four Cavendish Square, As of this writing, she did not hold a position in any of the aforementioned securities. Are you a mall retailer struggling with last-mile fulfillment? In May JC Penney, which has been trading for 118 years, announced plans to file for Chapter 11 bankruptcy and offload 30 per cent of its store estate. According to a report published by WWD, Amazon is in “dialogue” with the embattled giant regarding the acquisition of either all or parts of JC Penney’s massive store estate. Posted on May 18, 2020 May 19, 2020 2:55 am. The human need for experience is a universal truth. These cookies will be stored in your browser only with your consent. A source reportedly told WWD, “There is an Amazon team in Plano as we speak” and that "there is a dialogue and I'm told it has a lot to do with Amazon eager to expand its apparel business — for sure." It planned to close some 242 stores over the next two years in May, reducing its store estate from 846 to 604 by fiscal year 2021. No bags. On Monday JC Penney announced that it planned to close some 242 stores over the next two years, reducing its store estate from 846 to 604 by fiscal year 2021. It’s never a good idea to invest based on acquisition rumors. While it’s unclear what Amazon’s plans for its estate will be, one source told WWD that a team of the online giant’s representatives were in Plano, Texas, where JC Penney is based, “as we speak”. Amazon is reportedly in talks to buy JC Penney, according to rumors started by a publication called WWD. Plus, the stores would help the firm cut down its emissions. You also have the option to opt-out of these cookies. were all under intense pressure well before COVID-19 reared its ugly microbial head. In mid-August, four months and 10 days before Christmas day, John Lewis launched its online Christmas shop in direct response to “hundreds of emails from shoppers”. JCPenney is also expected to have more store closings. I also sit on the advisory boards of Xenia Retail and Delivery Solutions. But many are skeptical of that plan, and rightly so. With J.C. Penney there is nothing left to screw up at this point. Subscribe. Join PYMNTS CEO Karen Webster together with PayPal’s Greg Lisiewski, BigCommerce’s Mark Rosales, and Adore Me’s Camille Kress as they spotlight key findings from the new PYMNTS-PayPal study, “How We Shop” and map out faster, better pathways to a stronger recovery. Amazon is reportedly in talks to buy JC Penney, according to rumors started by a publication called WWD. New forms of alternative credit and point-of-sale (POS) lending options like ‘buy now, pay later’ (BNPL) leverage the growing influence of payments choice on customer loyalty. Report has Amazon in talks with J.C. Penney; bankrupt chain to close 242 stores By Marianne Wilson - 05/18/2020 Get great content like this right in your inbox. 1125 N. Charles St, Baltimore, MD 21201. We'll assume you're ok with this, but you can opt-out if you wish. Acquiring J.C. Penney is bold. Required fields are marked *. This website uses cookies to improve your experience. What the shopping mall of the future looks like isn’t as important to Amazon as being the backbone of its expression. The company had also just avoided defaulting by way of a $17 million payment to a senior secured term loan credit facility.

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