Is JC Penney trying to tap into Target's merchandising and marketing success to become the new leader of "cheap & chic" retailing? It certainly seems that way. Taking a page out of Target's playbook, they've not only hired the Bullseye's former Chief Marketing Officer (Michael Francis) as their new president, but now they've hired their award-winning former ad agency as well. The MSP Business Journal is reporting that JC Penney has hired Peterson Milla Hooks, the agency responsible for Target's iconic campaigns, and have ditched their longtime agency Saatchi & Saatchi. As I told you a few months ago, Target dropped Peterson Milla Hooks back in May, which I find puzzling as they produced so many catchy and memorable campaigns for the retailer. Hopefully they'll create the same sort of marketing magic for JC Penney.