According to the Seattle Times, JCP is no longer planning to open a location in the downtown Kress building at Third and Pike. Penney bought the Kress building in October, 2011 for an estimated $29 million.
Penney’s new CEO, Ron Johnson, became chief executive of JC Penney in November 2011. Before joining Penney, he worked as Apple Inc.’s senior vice president of retail for 11 years and pioneered the company’s highly successful retail stores.
According to the Times article, Penney wants to place more focus on suburban store locations.
According to the Puget Sound Business Journal the new, smaller Target store is still set to open this year on Second Avenue between Pike and Union. According to the Seattle Times, the grand opening is expected to be July, 2012.