J.C. Penney Ceo: Consumers Will Remain Frugal

Summary

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NEW YORK - This holiday season, J.C. Penney CEO and Chairman Myron E. Ullman III is armed with a lineup of exclusive fashion brands he helped bring to the department store chain, and he's ready to battle key rivals like Macy's.

During more than two decades in retailing, Ullman has seen a slew of competitors go out of business and - as Macy's CEO in the early 1990s - even succumbed to a hostile takeover bid, from Federated Department Stores. But he says nothing presented the kinds of challenges that Penney's and other stores face now. He believes this recession has permanently made consumers more frugal.

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J.C. Penney Ceo: Consumers Will Remain Frugal

Always an optimist, he says this plays to Penney's strength, however, because the moderate-price chain offers a stylish alternative to higher-price rivals. Under his stewardship since ...

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