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JCPenney said it will close seven stores this weekend in California, Colorado, Idaho, Kansas, New Hampshire, North Carolina, and West Viriginia, according to USA Today, and will be running sales in those locations up until Sunday, May 25. It’s the latest set of JCPenney store closures since the long-struggling retail chain filed for Chapter 11 bankruptcy back in May 2020 during the pandemic (it announced later that year it would close 200 of its 850 stores). The chain was then purchased by property managers Simon Property Group and Brookfield Asset Management. Fast Company has reached out to JCPenney for comment. Which JCPenney store locations are closing? A JCPenney spokesperson told USA Today the following seven stores will close this Sunday, May 25: The Shops at Tanforan in San Bruno, California The Shops At Northfield in Denver, Colorado Pine Ridge Mall in Pocatello, Idaho West Ridge Mall in Topeka, Kansas Fox Run Mall in Newington, New Hampshire Asheville Mall in Asheville, North Carolina Charleston Town Center in Charleston, West Virginia In February, JCPenney said it would be closing a “handful” of stores by mid-2025, but did not disclose which ones. The news came just one month after the retailer announced it was partnering with Forever 21 to create a new company, Catalyst Brands, in a merger that would also include Brooks Brothers, Aéropostale, Lucky Brand, Nautica, and Eddie Bauer. (JCPenney said the closures were unrelated.) The iconic department store chain, like many major retailers, has been struggling in recent years as American consumer foot traffic decreases and more shoppers go online. This, coupled with increasing prices, inflation, and the high cost of living, have led many retailers to file for bankruptcy or initiate waves of store closings. Some have even gone out of business, including: Joann fabrics, Macys, Party City, Big Lots, Walgreens, and 7-Eleven.
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E-Commerce
A fintech company called Slash offers business banking accounts tailored to the needs of specific kinds of entrepreneurs. Slash provides business checking accounts with funds held at FDIC-insured banks, detailed spending analytics dashboards, free or low-cost wire and ACH transfers, easy access to lending options, and unlimited virtual cards. These cards can be configured with specific spending limits, merchants, and merchant categories to prevent unauthorized or erroneous employee purchases. That control, along with metadata from Slashs integrations with popular accounting platforms, makes it easier for bookkeepers to classify transactions. The company also offers a range of add-ons built for particular industriessomething like an app store for bankingdesigned to address the unique pain points of different types of businesses. The insight behind Slash is the work that an accountant [does] at a construction company, or a marketing agency, or a property manager looks very, very different from one another, says CEO Victor Cardenas. Marketing agencies, for example, often take money from clients to spend on platforms like Google and Facebook. Traditionally, they would use a single business checking account and rely on internal systems to track how much was received, how much had been spent, and when to request more funds. With Slash, agencies can create virtual accounts for each client, allowing both parties to see the remaining balance. They can even trigger automatic billing for more marketing fundsplus the agency feewhen the balance runs low. The approach is popular: Slash reports that more than 1% of global ad spending on Facebook is conducted using a Slash card. We basically make it much easier for agencies to put their accounts receivable on autopilot, Cardenas says. Other industries have their own challenges. Contractors in fields like plumbing or HVAC often give technicians credit cards for fueling up, but want to prevent personal purchaseseven inside gas stations. Slash enables businesses to restrict cards to fuel purchases only and ties each transaction to a specific driver or vehicle. We can make it so an owner can basically say, I want this card to only be able to be used to buy gas at the pump and not inside of the station, Cardenas says. And then we get data at the time of clearing of the transaction around the actual fuel grade, what the kind of fuel was, and were able to pass that on and show that to our customers. Other users include online travel agents, who generate virtual cards to pay hotels and vendors. For businesses dealing with cryptocurrency, Slash enables sending and receiving stablecoin paymentswithout needing a separate crypto platform. Slash also offers an API that lets customers build custom dashboards, trigger payments through internal systems, or, in the case of e-commerce marketplaces, automatically transfer funds to vendors when goods are sold. Cardenas says the rise of AI-powered coding tools has allowed Slash to rapidly release features tailored to different industries. The company started in 2021 with a focus on sole proprietors, but pivoted in late 2023 to serve larger businesses in specific verticals. On Tuesday, it announced a $41 million Series B funding round, valuing the company at $370 million. Thanks to AI, Slash can now ship features at a pace that would have been difficult just a few years ago, while leveraging its existing banking infrastructure and relationships. Its becoming trivial to build software, but its not trivial to stand up a card issuing and banking program, Cardenas says. And so while were ahead, we want to build solutions for as many industries as quickly as possible.
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E-Commerce
In 1918, as World War I intensified overseas, the U.S. government embarked on a radical experiment: It quietly became the nations largest housing developer, designing and constructing more than 80 new communities across 26 states in just two years. These werent hastily erected barracks or rows of identical homes. They were thoughtfully designed neighborhoods, complete with parks, schools, shops and sewer systems. In just two years, this federal initiative provided housing for almost 100,000 people. Few Americans are aware that such an ambitious and comprehensive public housing effort ever took place. Many of the homes are still standing today. But as an urban planning scholar, I believe that this brief historic momentspearheaded by a shuttered agency called the United States Housing Corporationoffers a revealing lesson on what government-led planning can achieve during a time of national need. Government mobilization When the U.S. declared war against Germany in April 1917, federal authorities immediately realized that ship, vehicle and arms manufacturing would be at the heart of the war effort. To meet demand, there needed to be sufficient worker housing near shipyards, munitions plants and steel factories. So on May 16, 1918, Congress authorized President Woodrow Wilson to provide housing and infrastructure for industrial workers vital to national defense. By July, it had appropriated US$100 millionapproximately $2.3 billion todayfor the effort, with Secretary of Labor William B. Wilson tasked with overseeing it via the U.S. Housing Corporation. Over the course of two years, the agency designed and planned over 80 housing projects. Some developments were small, consisting of a few dozen dwellings. Others approached the size of entire new towns. For example, Cradock, near Norfolk, Virginia, was planned on a 310-acre site, with more than 800 detached homes developed on just 100 of those acres. In Dayton, Ohio, the agency created a 107-acre community that included 175 detached homes and a mix of over 600 semidetached homes and row houses, along with schools, shops, a community center and a park. Designing ideal communities Notably, the Housing Corporation was not simply committed to offering shelter. Its architects, planners and engineers aimed to create communities that were not only functional but also livable and beautiful. They drew heavily from Britains late-19th century Garden City movement, a planning philosophy that emphasized low-density housing, the integration of open spaces and a balance between built and natural environments. Milton Hill, a neighborhood designed and developed by the United States Housing Corporation in Alton, Ill. [Image: National Archives] Importantly, instead of simply creating complexes of apartment units, akin to the public housing projects that most Americans associate with government-funded housing, the agency focused on the construction of single-family and small multifamily residential buildings that workers and their families could eventually own. This approach reflected a belief by the policymakers that property ownership could strengthen community responsibility and social stability. During the war, the federal government rented these homes to workers at regulated rates designed to be fair, while covering maintenance costs. After the war, the government began selling the homesoften to the tenants living in them through affordable installment plans that provided a practical path to ownership. A single-family home in Davenport, Iowa, built by the U.S. Housing Corporation. [Image: National Archives] Though the scope of the Housing Corporations work was national, each planned community took into account regional growth and local architectural styles. Engineers often built streets that adapted to the natural landscape. They spaced houses apart to maximize light, air and privacy, with landscaped yards. No resident lived far from greenery. In Quincy, Massachusetts, for example, the agency built a 22-acre neighborhood with 236 homes designed mostly in a Colonial Revival style to serve the nearby Fore River Shipyard. The development was laid out to maximize views, green space and access to the waterfront, while maintaining density through compact street and lot design. At Mare Island, California, developers located the housing site on a steep hillside near a naval base. Rather than flatten the land, designers worked with the slope, creating winding roads and terraced lots that preserved views and minimized erosion. The result was a 52-acre community with over 200 homes, many of which were designed in the Craftsman style. There was also a school, stores, parks and community centers. Infrastructure and innovation Alongside housing construction, theHousing Corporation invested in critical infrastructure. Engineers installed over 649,000 feet of modern sewer and water systems, ensuring that these new communities set a high standard for sanitation and public health. Attention to detail extended inside the homes. Architects experimented with efficient interior layouts and space-saving furnishings, including foldaway beds and built-in kitchenettes. Some of these innovations came from private companies that saw the program as a platform to demonstrate new housing technologies. One company, for example, designed fully furnished studio apartments with furniture that could be rotated or hidden, transforming a space from living room to bedroom to dining room throughout the day. To manage the large scale of this effort, the agency developed and published a set of planning and design standardsthe first of their kind in the United States. These manuals covered everything from block configurations and road widths to lighting fixtures and tree-planting guidelines. A single-family home in Bremerton, Wash., built by the U.S. Housing Corporation. [Image: National Archives] The standards emphasized functionality, aesthetics and long-term livability. Architects and planners who worked for the Housing Corporation carried these ideas into private practice, academia and housing initiatives. Many of the planning norms still used today, such as street hierarchies, lot setbacks and mixed-use zoning, were first tested in these wartime communities. And many of the planners involved in experimental New Deal community projects, such as Greenbelt, Maryland, had worked for or alongside Housing Corporation designers and planners. Their influence is apparent in the layout and design of these communities. A brief but lasting legacy With the end of World War I, the political support for federal housing initiatives quickly waned. The Housing Corporation was dissolved by Congress, and many planned projects were never completed. Others were incorporated into existing towns and cities. Yet, many of the neighborhoods built during this period still exist today, integrated in the fabric of the countrys cities and suburbs. Residents in places such as Aberdeen, Maryland; Bremerton, Washington; Bethlehem, Pennsylvania; Watertown, New York; and New Orleans may not even realize that many of the homes in their communities originated from a bold federal housing experiment. These homes on Lawn Avenue in Quincy, Mass., in 2019 were built by the U.S. Housing Corporation. [Image: Google Street View] The Housing Corporations efforts, though brief, showed that large-scale public housing could be thoughtfully designed, community oriented and quickly executed. For a short time, in response to extraordinary circumstances, the U.S. government succeeded in building more than just houses. It constructed entire communities, demonstrating that government has a major role and can lead in finding appropriate, innovative solutions to complex challenges. At a moment when the U.S. once again faces a housing crisis, the legacy of the U.S. Housing Corporation serves as a reminder that bold public action can meet urgent needs. Eran Ben-Joseph is a professor of landscape architecture and urban planning at Massachusetts Institute of Technology (MIT). This article is republished from The Conversation under a Creative Commons license. Read the original article.
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E-Commerce
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