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According to The Associated Press, J. Crew CFO Jim Scully spoke about the company’s nascent Madewell concept at the Wachovia Nantucket Equity Conference. The retailer will reach a “‘go or no go’ decision” on Madewell in the second half of this year, and Scully vowed that the concept won’t lose $15 million a year going forward. (That’s the amount J. Crew will lose in fiscal 2008 as it invests in Madewell stores and its new e-commerce site.) If it’s a “go,” Scully said, a ramp-up of Madewell wouldn’t occur until 2010, given real estate issues.

Madewell was launched in 2006, and it’s thus far had a conservative rollout, remaining firmly in R&D territory. According to last quarter’s J. Crew conference call, it caters to hip younger women, although some teens shop there, too.

There were eight total Madewell stores last quarter, and J. Crew plans two new ones in 2008. Madewell offers lower price points than its J. Crew concept, which might spell trouble for companies like Gap, Abercrombie & Fitch, and American Eagle Outfitters if J. Crew pursues an expansion. The new e-commerce site could theoretically threaten rivals, too, since its reach extends beyond a mere geographical footprint.

Some rivals may hope Madewell’s growth will be a “no go,” but I doubt they’ll be so lucky. After all, last quarter J. Crew said it was pleased with the concept’s performance. Management also mentioned that it’s particularly happy with Madewell’s performance in the $100 jeans business, even though that hardly seems like an ideal pursuit at present.

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For the second time in less than three months JCPenney is announcing that its scaling back its store openings. In April, it first divulged plans to cut its openings in 2008 from 50 down to 36. Now it’s cutting targets from 2009. It will only open 20 new stores.

The Plano, Texas-based company now plans 20 new or relocated stores in 2009, down from the 36 stores it expects to open or move this year. The company had once planned to open 50 new stores per year through 2011.

Penney still plans to open its first store in Manhattan late next year. It believes the store will be its sales leader.

The company also said it would renovate 10 to 15 stores next year, down from the 20 it expects to renovate this year and well below an original plan to update 65 stores per year through 2011.