J.C. Penney CEO: Shoppers flocking to necessities

09/14/2009 | Financial Times (tiered subscription model)

Consumers are focusing on paying down debt and buying necessities, Mike Ullman, J.C. Penney's chief executive, told investors. On a recent Friday, the retailer's new Manhattan store was buzzing, but shoppers were focused on merchandise such as clothing, not jewelry.

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