Department store chain JC Penney has announced a self-funded reinvestment plan worth $1 billion aimed at fueling long-term growth and increasing customer loyalty and frequency.

The reinvestment, which builds on the significant progress in FY22 and will take place until FY25, will focus on further improving customer experience and operational efficiencies.

The company has set some key targets including enhancing digital capabilities, upgrading store technology, and optimising merchandising and supply chain.

It also introduced the reinvigorated customer strategy Make It Count to help shoppers “make every day, dollar and date night count”.

“JC Penney is on strong financial footing and is steadily increasing relevance and frequency with our core customers,” said CEO Marc Rosen.

The company is “poised for continued growth” and “wholly committed” to serving hardworking families across the US, Rosen added.

JC Penney and its 50,000 associates worldwide are serving customers at more than 650 stores in the US and Puerto Rico as well as online. The company celebrated its 120th anniversary last year.