In spite of continuous and heavy investments that eventually led to almost zero success rate, J.C Penney had finally closed down 130 retail outlets of its own. Which were once scattered across different parts of the world. Surprisingly, even the employees in JC Penney had known beforehand that the situation was going to turn unfavorable for the company. And the possibility of closedown was inevitable.
Possible indications implied to close down of stores
A startup in Mountain View called Orbital Insight currently utilizing images from satellite to determine the health status of surrounding retailers. Images taken from above are later examined to look at car groupings in the parking lot of individual office premises.
The observation showed a declining number of cars for J.C Penney. Showing five percent fall in the beginning that further fell well below 10 percent during the first quarter. As reported by Orbital Insight.
They have their eyes everywhere
The business concept of Orbital Insight might sound complicated to many, yet some may find the idea devilish as well. This startup in California compiles satellite data from external sources called Digital Globe, Planet and BlackSky to remain aware of the struggling entities. It is currently monitoring 250,000 different parking areas of 96 different outlets.
Besides tracking the parking lots, Orbital Insight also monitors poverty and even crop yields.
How does the whole thing relate?
For those of you who are still wondering how does the whole thing relate, declining car count leading to permanent close down? Take a look at Orbital’s parking lot figure that gradually fell along with JC Penney’s stock figure.
The idea of reduced number of vehicles outside retailers shows their success rate isn’t new; however, monitoring through satellite images, certainly is a novelty.
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