New York, January 26 (FinanceEnquiry.com) - The much-awaited revival plan for J.C. Penney JCP) from its CEO Ron Johnson turned out to be a damp squib leading to its shares sinking. Investors had expected that Johnson would be able to weave the same magic that he had used to turn Apple Inc. stores into the world’s most successful retail operation. His 90-minute presentation laying out his strategy for the revival of the fourth-largest U.S. department store chain was not what many had expected. His plans included fewer promotions, boutiques-within-a-store and hiring Ellen Degeneres as a spokeswoman.

Analysts said that the strategy did not necessarily have a sharp cutting edge because everyone knows that in order to turn around the company it would be necessary to bring about a change in the stores, pricing strategy and marketing moves. 

Johnson said that he would be using his experience at Apple stores to transform the beleaguered retailer that has posted decline in sales for the past two quarters. Earlier this month, the 1,100-store chain cut its fourth-quarter profit forecast saying that sales are lower-than-expected and using additional markdowns.

The sluggish economy has taken its toll on department stores that are expecting to lose market share and generate sales growth of only 1.7 percent against a projected 3.4 percent gain for retail as a whole.