Overnight Failure

According to this article, JC Penney CEO Ron Johnson once told a packed house about JC Penney:

All it takes is courage. We can change a brand overnight.

The article, goes on to say that Johnson fell short of that. But, Johnson did change JCP overnight, just not for the better.

Johnson changed the value proposition such that whatever it was that appealed to the old JCP customers, only appeals to about 70% of them now.  In politics, that’d still be huge win. In business, that causes big losses.

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