JCPenney won’t be the retail powerhouse it as soon as was, however the chain is hoping a brand new rewards program will increase its footprint as soon as once more—and it’s planning to place $500 million in incentives on the road in that effort.
The corporate on Wednesday introduced a brand new Rewards and Credit score Program that may supply prospects its proprietor model of rival Kohl’s well-liked Kohl’s Money incentive.
The JCPenney model is named CashPass and the chain says prospects who join this system will robotically get a $10 CashPass certificates, together with one other on their birthday. Additionally, each time they spend $200, they’ll obtain one other $10 voucher. (JCPenney cardholders will rack up CashPass vouchers even faster.)
Rewards will expire 45 days after they’re issued and could be stacked on prime of different coupons. The corporate says it expects to ship as much as $500 million in rewards to members.
“We want every trip to JCPenney to be worth it,” stated Katie Mullen, chief buyer officer at JCPenney, in a statement. “Enhancing our Rewards Program is an important piece of how we bring value to our customers. … We want to continue to earn the loyalty of America’s diverse working families.”
This system, in contrast to loyalty efforts from Amazon and Walmart, is not going to carry an annual price.
CashPass is separate from the $1 billion spending program JCPenney announced last year. That expenditure is concentrated on refreshing shops, enhancing operational efficiencies and probably opening new shops, one thing the chain has performed simply as soon as prior to now eight years.
The storied retail chain filed for chapter in Could 2020, rising from it on the finish of that yr, after it was purchased out by Simon Property Group and Brookfield Asset Administration. Restoration has been sluggish, although. Within the first 9 months of 2023, the chain noticed a reported loss of $12 million, in comparison with a $173 million revenue throughout the identical interval the yr earlier than.
