(CNBC) — J.C. Penney will no longer have a chief merchandising officer, once one of the most powerful jobs in retail, further demonstrating the industry's turmoil.
Its current CMO John Tighe, will be leaving the company and will not be replaced, the retailer said on Friday.
The erstwhile glorified ability of industry leaders to spot trends in advance, which catapulted many retail executives to the role of CEO, has become increasingly irrelevant. Simply, fashion no longer brings shoppers to stores; it is an evolving mix of service, selection and price.
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