Why Would Amazon Scope Out JCPenney? It’s The Real Estate!
Great Article featuring Whitebox Real Estate/TCN Worldwide:
Kerri Panchuk of Bisnow talks to Grant Pruitt from TCN’s Dallas office, Whitebox Real Estate/TCN Worldwide, about Amazon’s possible acquisition of JCPenny.
Rumor has it struggling JCPenney Co. is a possible acquisition target for Jeff Bezos’ Amazon.
JCPenney filed for Chapter 11 bankruptcy Friday and said it would close about 240 of its 846 stores permanently over the next two years. If Amazon stepped in and bought the company, it could be a quick, relatively cheap way to get a large brick-and-mortar footprint, similar to its acquisition of Whole Foods in 2017…
Whitebox Real Estate co-founder and President Grant Pruitt agrees Amazon may want a brick-and-mortar textile component to solidify its online apparel presence.
In a third option, Penney’s stores could also offer a little bit of everything to customers if Amazon purchases the retailer and preserves its 118-year-old brand while improving Penney’s e-commerce and digital presence.
“I see it more of JCPenney being right in line with [Amazon’s] vertical,” Pruitt said. “If you look at what Amazon’s acquisitions have been, they are in groceries, they are in retail, they are in music streaming. They do have some clothing, but this really puts them into the clothing business and helps them expand that ecosystem.”
Posted By: TCN Worldwide on May 20, 2020. For more information, please click here to read the source article.
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