It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently. — Warren Buffett
Building a REPUTATION takes time to build.
Destroying it, can happen instantly.
In 2011 JCPenney hired Ron Johnson to overhaul their entire retail strategy. The 109 year old retail giant changed everything.
The largest customer base (middle class moms) was shocked.
The brands they’d known and loved disappeared.
JCPenny lost its titanic grip on the market, losing billions of dollars in revenue and the trust and loyalty of their customers.
Just because a certain tactic made one organization or person incredibly successful, doesn’t mean it will work for you.
JCPenney should’ve stuck with the image and reputation they had taken more than 100 years to build.
As of July 1st, 2020 – JCPenney was 45 days into its Chapter 11 Bankruptcy.
The future of the retail giant is unknown.