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Penney to Open 100 New Stores, Shut 50 to 60: Penney’s also plans to modernize 500 stores, will budget about $700 million in capital spending for each of the next three years and will place a new emphasis on women’s apparel and accessories, said Wynn Watkins, vice president and director of investor relations. Watkins made the comments at an investment forum in Dallas. Watkins also said seven Woodward & Lothrop department stores it purchased in the Washington area are expected to add $200 million in sales a year. The stores are being remodeled and will reopen in July, he said. Plano, Texas-based J.C. Penney Co. will focus on increasing its 10 largest markets, which account for 167 stores, 25% of the company’s volume and 19% of its profit, Watkins said.