General Growth Properties CEO on JC Penney and Sears
The BizBeatBlog from Dallas News had some snippets from General Growth Properties (GGP) CEO Sandeep Mathrani on JC Penney (JCP) and Sears (SHLD) that investors will find interesting.
On J.C. Penney (JCP):
“Will Penney be alive and kicking? They could have more finance issues, but we think Penney will still be part of the retail fabric.”
Overall, he reminded the audience that 15 years ago the chatter was all about the death of the department store.
On Sears (SHLD):
As far as Sears, Mathrani said he never doubts a really smart person referring to Sears’ ruler of recent years chairman and CEO Eddie Lampert.
“The jury is still out about what Sears will be 5 to 10 years from now,” he said. Mathrani noted that Sears is ahead of its peers with the building of its online store.
He also noted that Sears’ revenues are larger then then all department store competitors (Dillards, Belk, J.C Penney, and Macys) and most by multiples and that “Americans still shop at Sears.”