In the last year, J.C. Penney has undergone several significant changes, from gaining new managers (and losing them) to a new pricing structure to a sophisticated store-within-a-store format. As shoppers respond to these changes, for good or ill, the rest of the retail world should take note of their reactions. For instance, shoppers might really like the new format. If so, that's something other marketers should take to heart. Also notable is that J.C. Penney didn't stick to a clearly unsuccessful pricing strategy. This speaks well for its management. Instead of doubling down on what hasn't worked in the past, the retailer is admirably working to reinvent itself. For now, J.C. Penney is down but not out, yet.