• April 19, 2007

JC Penney will take on Macy's in its own backyard, announcing that it will open its first-ever midtown Manhattan store.

In a meeting with analysts to unveil its long-range plans, the Plano, Texas-based retailer also said it plans to open 250 new stores and renovate an additional 300.

It increased its earnings outlook, and predicted that total department store sales will increase in the mid-to-high single digits annually, and that comparable store sales will gain in the low-to-mid single digits each year.

Its primary goal in the new long-range plan? "Developing a strong and enduring emotional connection with customers," the company said.--Sarah Mahoney