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  "documentTitle": "J.C. Penney Company, Inc. (JCP)",
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  "authorName": "William Ackman",
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  "presentationDate": "2012-05-16 00:00:00",
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      "text": "JCP has high sales potential plus a major cost advantage",
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      "text": "JCP will have a flexible, diversified portfolio of 100 brands, reducing fashion risk. Even at its current sales level, JCP has greater scale than nearly all other specialty stores.",
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      "text": "rent as a percent of in-store sales: <2%",
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      "text": "2011 rent as a percent of in-store sales: Gap 9%, American Eagle 9%, Aeropostale 7%, JCP Old ~2%, JCP New <2%",
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      "text": "What is the Potential Upside?",
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