On Ullman's watch, sales declined from $18.18 billion in 2004 to $17.6 billion in 2010, his last full year at the company. Sales per square foot dropped to $155 from $177, according to Deborah Weinswig, an analyst at Citi Research Johnson, the mastermind behind Apple Inc. stores, planned to shake up the company's stodgy image when he took over the top job at Penney's in November 2011. But he was counting on everyday low prices and youthful fashions from names like Betsey Johnson and Joe Fresh to get shoppers to visit more often. He also developed a plan to replace racks of clothing with mini shops-within-stores to make the locations feel more like mini-malls. That was a spinoff of Ulman's mini-boutiques. When Johnson announced his vision in January 2012, investor enthusiasm was high but soon the honeymoon didn't last long as sales fell. Penney's shares have lost more than half their value since early last year and are now trading at about $18 from $43 in February 2012.