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  "documentTitle": "J.C. Penney Company, Inc. (JCP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeSlug": "activist_investor",
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  "presentationDate": "2012-05-16 00:00:00",
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  "notes": "The slide uses a structured list format to categorize competitive advantages.",
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      "kind": "callout",
      "text": "JCP is not fundamentally broken. In fact, the company has many competitive advantages, but has suffered from years of mismanagement",
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      "text": "Scale: ~$17bn of sales in 2011\nAdvertising: Historically >$1bn in annual spend\nSourcing: Large enough to directly source from factories in Asia\nNational Brands: Bargaining power to get best product at the lowest cost",
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      "kind": "list",
      "text": "Early mover: Brand legacy, direct marketing capability, dominant in many small town markets",
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      "text": "Real Estate: 49% of retail sf is owned, balance is leased at avg. of ~$4/sf\n\"On-Mall\": 80% of malls have average sales of >$300/sf\n\"Legacy Off-Mall\": High free cash flow, limited competition\n\"Prototype Off-Mall\": All built in the last 10 years",
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      "text": "Underperformance Despite Competitive Advantages",
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