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First on CNBC: CNBC's Courtney Reagan Speaks with Ron Johnson, Former JCPenney CEO and Founder & CEO of Enjoy, Today on CNBC's "Squawk Alley"

WHEN: Today, Wednesday, May 6th

WHERE: CNBC's "Squawk Alley"

Following is the unofficial transcript of a FIRST ON CNBC interview with former JCPenney CEO and Founder & CEO of Enjoy Ron Johnson on CNBC's "Squawk Alley" (M-F, 11AM-12PM ET) today. Following is a link to the interview on CNBC.com: http://video.cnbc.com/gallery/?video=3000376642.

All references must be sourced to CNBC.

TAUSCHE: A BIG NAME IN RETAIL IS BEHIND THE LAUNCH OF A NEW CONCEPT IN E-COMMERCE, COURTNEY REAGAN JOINS US WITH A SPECIAL GUEST FROM THE COLLISION CONFERENCE IN LAS VEGAS.

REAGAN: THAT'S RIGHT, KAYLA. THANK YOU VERY MUCH. I AM HERE IN LAS VEGAS AT THE COLLISION CONFERENCE WITH RON JOHNSON, YOU MAY KNOW HIM AS THE FORMER CEO OF JCPENNEY. HE IS NOW THE CEO AND FOUNDER OF ENJOY. BUT RON BEFORE WE GET TO ENJOY IT'S BEEN NEARLY TWO YEARS SINCE YOU WERE AT JCPENNEY. OUR VIEWERS WANT TO HEAR FROM YOU. WHAT HAPPENED?

JOHNSON: YOU KNOW, JCPENNEY'S WAS A VERY CHALLENGING TIME FOR ME PERSONALLY, FOR THE COMPANY. BUT I HAVEN'T TALKED ABOUT IT IN TWO YEARS, COURTNEY, THE ONLY PLACE I'VE TALKED ABOUT IT HAS BEEN FROM AN EDUCATIONAL PERSPECTIVE. STANFORD BUSINESS SCHOOL OR HARVARD BUSINESS SCHOOL. YOU CAN GO ON YOUTUBE AND READ ABOUT IT IT'S A LONG STORY AND IM NOT GOING TO TALK ABOUT IT TODAY.

REAGAN: ARE THERE ANY LESSONS YOU WOULD SHARE WITH THE STUDENTS THAT YOU WOULD SHARE WITH US ABOUT THE EXPERIENCE?

JOHNSON: THERE WERE A TON OF LESSONS FOR ME. I THINK THERE WERE A TON OF LESSONS FOR PEOPLE AT JCPENNEY'S AND THEY'RE INFORMING A LOT OF WHAT I DO A, BUT THAT'S IN THE PAST. AND WE'LL TALK ABOUT IT SOME OTHER TIME

REAGAN: SO YOU TRIED TO TRANSFORM JCPENNEY. A PHYSICAL RETAIL LOCATION, NOW YOU'RE LOOKING TO TRANSFORM ONLINE SHOPPING AND DELIVERY WITH ENJOY. SO WHAT'S ENJOY?

JOHNSON: SO ENJOY IS BASED ON THE VERY SIMPLE IDEA TODAY WE HAVE TWO SHOPPING PLATFORMS IN THE UNITED STATES AND THE WORLD -- WE HAVE STORES, WHICH ARE TERRIFIC, IT'S 90% OF WHAT WE DO BUT YOU DO THE WORK. YOU GO TO THEM, YOU PICK THE INVENTORY, ET CETERA. WE HAVE ONLINE LED BY AMAZON WHICH IS INCREDIBLY CONVENIENT. IT'S PRIMARY HALLMARK IS BROAD ASSORTMENTS, CONVENIENCE. BUT WE'RE MOVING INTO A WORLD OF A CONNECTED LIFE. IT'S TIME TO MOVE THE PERSONAL SERVICES TO WHERE YOU LIVE YOUR LIFE. SO ENJOY IS A PERSONAL COMMERCE PLATFORM. OUR PRODUCT IS A PERSON. NOW FOR THE SAME PRICE YOU BUY IN A STORE. YOU CAN ORDER A PRODUCT FROM ENJOY AND SOMEONE WILL HAND-DELIVER AND SPEND UP TO AN HOUR GETTING YOU UP AND RUNNING. SO IT'S MEANT FOR THIS NEW WORLD WE LIVE IN. WHICH IS GOING MOBILE, WHICH INVOLVES A NEED FOR HELP.

REAGAN: SO IT IS PERSONAL COMMERCE YOU BUY PRODUCTS FROM YOUR WEBSITE, YOU HAVE AN EXPERT AS YOU CALL THEM COME AND HELP YOU SET IT UP. DELIVER THE PRODUCT. THEY'RE SALARIED WITH BENEFITS AND EQUITY.

JOHNSON: OUR PRODUCT REALLY IS A PERSON. AND YOUNG PEOPLE ESPECIALLY WANT TO WORK MOBILELY TODAY. THEY'RE LOOKING FOR A GREAT JOB AND WE WANT TO TRACK THE BEST PEOPLE. SO EVERY EMPLOYEE IS SALARIED, WITH BENEFITS, THEY HAVE STOCK IN THE COMPANY. THEY GET TO GO INTO OUR APP AND PICK THEIR OWN SCHEDULE EVERY WEEK. WE MATCH THEM UP WITH CUSTOMERS, IT'S THE ULTIMATE FREEDOM IN A JOB. WE THINK THAT'S GOING TO BE ONE OF THE SECRETS TO ENJOY.

REAGAN: A QUICK FOLLOW-UP BEFORE WE GO TO THE ANCHORS, HOW ARE YOU GOING TO MAKE YOUR INVESTORS MONEY?

JOHNSON: THE REALITY IS SO WE JUST DO THINGS A LITTLE DIFFERENTLY. A STORE HAS TO INVEST IN A LOT OF PHYSICAL THINGS LIKE RENT AND BUILDING, PEOPLE AND INVENTORY, WE PUT ALL OF OUR INVESTMENT IN THE EXPERTS. YOU CAN ACTUALLY DELIVER A PERSON IN TODAY'S WORLD FOR A LOT LESS MONEY THAN IT TAKES TO BUILD A STORE. SO WORKING OFF THE SAME PRICE AS A STORE, WE CAN MAKE MONEY FOR OUR INVESTORS, BUT DELIVER AN ALL-NEW EXPERIENCE FOR CUSTOMERS.

REAGAN: VERY INTERESTING. I BELIEVE WE HAVE AN ANCHOR QUESTION BACK IN NEW YORK.

FORTT: IT'S JON FORTT. I REMEMBER COVERING THE TYSON'S CORNER, OPENING THE FIRST APPLE STORE. YOU ARE UNQUESTIONABLY AN EXPERT IN RETAIL AND TECH INNOVATION. SO MY QUESTION IS WHEN YOU'RE LAUNCHING A PRODUCT LIKE THE APPLE WATCH IN RETAIL IN APRIL. WHAT WOULD YOU SAY ARE THE TOP TWO THINGS THAT NEED TO GET RIGHT IN THE FIRST SIX MONTHS BEFORE THE HOLIDAY SEASON.

JOHNSON: WELL THE FIRST THING, JON, IS I THINK THE APPLE WATCH IS AN INCREDIBLE PRODUCT. I'M WEARING ONE TODAY. IT'S GOING TO BE THE WEARABLE WE ALL LOOK BACK AND SAY THAT WAS THE FIRST WEARABLE I EVER OWNED AND APPLE DID AN EXTRAORDINARY JOB, FOR A FIRST-GENERATION PRODUCT. THE QUALITY, THE NUMBER OF APPLICATIONS IS OFF THE CHARTS. BUT THE REAL JOB OF LIKE THE APPLE RETAIL STORE IS TO GET PEOPLE TO FALL IN LOVE WITH THAT PRODUCT TO UNDERSTAND HOW TO USE IT. BECAUSE ALL OF THE BEST MARKETING AS WE KNOW IS WORD OF MOUTH. IF YOU CAN GET THOSE FIRST PEOPLE TO BUY THE WATCH. THE EARLY ADOPTER TO FALL IN LOVE AND SHOW THEIR FRIENDS LIKE I CAN SHOW COURTNEY. THEN IT WILL TAKE OFF AND THIS IS GOING TO BE A GREAT PRODUCT FOR APPLE. IT WILL BE A GREAT PRODUCT FOR ALL OF US. WHAT I CAN'T WAIT IS FOR OUR EXPERTS TO ALL WEAR ONE OF THESE. IT WILL REALLY HELP US WITH OUR NEW ENGAGEMENTS FOR CUSTOMERS.

TAUSCHE: IT WAS BIZARRE TO THINK ABOUT AN APPLE PRODUCT LAUNCH WITHOUT THOSE LINES AROUND THE CORNER. STRETCHING FOR MILES AND MILES. I'M JUST WONDERING IF YOU LOOK AT THIS NEW ERA FOR APPLE PRODUCTS AND APPLE RETAIL, AND YOU THINK THAT THERE IS A LOT OF CHANGE AND THAT IT'S SORT OF DOING AWAY WITH THE WAY YOU USED TO DO PRODUCT LAUNCHES.

JOHNSON: I DON'T THINK THAT'S TRUE. I'M ANGELA'S BIGGEST FAN. I KNEW HER BEFORE SHE CAME TO APPLE. I HAD THE CHANCE TO MEET HER IN LONDON. THE TEAMS LOVE HER AT APPLE. THEY LOVE HER LEADERSHIP. SHE MADE IT CLEAR THAT THE APPLE LAUNCH WAS BEING LAUNCHED IN THIS WAY AND FUTURE PRODUCTS MIGHT GO BACK TO SOMETHING THAT APPLE HAS DONE BEFORE. I WOULDN'T OVERREAD THE LAUNCH AS A CHANGE IN DIRECTION. IT'S THE RIGHT THING FOR THIS INTENSELY PERSONAL PRODUCTS.

REAGAN: YOU HAVE 60 PRODUCTS ON GO ENJOY.COM RIGHT NOW FROM 11 COMPANIES. BUT APPLE ISN'T ONE OF THEM. WHY NOT?

JOHNSON: I SAY STAY TUNED. WE'RE NOT TALKINGA ABOUT IT BUT I DIDN'T WANT, OUR CUSTOMER WOULD LOVE APPLE PRODUCTS. YOU KNOW THERE'S NO DOUBT ABOUT IT. AND WE SERVE THE iPHONE THROUGH AT&T. YOU CAN GO TO AT&T'S WEBSITE AND BUY AN iPHONE AND USE ENJOY. WE'LL BE EMBEDDED IN ON AT&T'S WEBSITE ON MAY 19th. WE DO HELP WITH ALL THE APPLE PRODUCTS. STAY TUNED WHEN THEY MIGHT BE ON OUR PERSONAL COMMERCE SITE.

REAGAN: SO WHAT'S THE GROWTH PLAN? MORE CITIES, MORE PRODUCTS? IS IT BEYOND JUST CONSUMER ELECTRONICS?

JOHNSON: REALLY, WE'RE STARTING IN CONSUMER ELECTRONICS, NOT UNLIKE AMAZON STARTED WITH BOOKS OR APPLE STARTED WITH THE MAC. YOU'VE GOT TO START SOMEWHERE. OUR PRODUCT IS THE VISIT AND IT IS REALLY HARD. WE'VE GOT TO DELIVER A PERSON AND A PRODUCT, WE'RE ALWAYS EARLY. THERE'S NO DELIVERY WINDOWS AND WE'VE GOT TO DELIVER AMAZING PERSONAL HELP. IT'S NOT GOING TO BE EASY. OUR GROWTH PLAN IS SIMPLE, ONE VISIT AT A TIME. WE'RE GOING TO BUILD THIS COMPANY ONE VISIT AT A TIME. WE'VE BEEN DOING TEST VISITS FOR OVER SIX MONTHS. WE'VE LEARNED FROM EVERY ONE AND TODAY WE START DELIVERING TO CUSTOMERS, WITHIN AS SOON AS FOUR HOURS, YOU CAN HAVE A PRODUCT HAND-DELIVERED ANYWHERE YOU WANT. AND GET AN HOUR OF FREE EXPERT HELP. THAT'S STARTING TODAY. GO TO GO ENJOY.COM AND START LEARNING.

REAGAN: YOU'VE GOT A NUMBER OF BIG INVESTORS IN ENJOY. MARK ANDREESEN IS ONE OF THEM. WHAT DID HE SAY WHEN YOU WENT TO HIM WITH THIS ORIGINAL PITCH?

JOHNSON: MARK HAS BEEN A HUGE MENTOR TO ME, SUPPORTER OF MINE FOR YEARS AND I WENT TO HIM RIGHT AWAY AND I SAID I'VE GOT THIS IDEA, WHAT DO YOU THINK? HE IMMEDIATELY LOVED IT. HE SAID I'M BEHIND YOU ALL THE WAY. SO MARK IS BEHIND ME. KLEINER PERKINS, OAK INVESTMENT CAPITAL. WE'VE GOT THE BEST INVESTORS IN THE WORLD BEHIND ENJOY. WE'RE BLESSED TO HAVE GREAT COMPANIES.

REAGAN: I BELIEVE WE HAVE ANOTHER ANCHOR QUESTION BACK IN NEW YORK.

TAUSCHE: IT'S KAYLA TAUSCHE AGAIN. I'M SURE A LOT OF THE BRICK-AND-MORTAR E-RETAILERS WHO SELL ELECTRONICS WOULD LOVE TO GO BACK IN TIME AND ERASE SOME OF THE RETAIL FOOTPRINT THE WAY THAT THE WORLD MOVED BUT THEY BENEFIT FROM BRAND RECOGNITION AND A LOT OF THE PRODUCTS YOU SELL ARE AVAILABLE AT A COMPANY LIKE THE BEST BUY. I'M WONDERING HOW YOU GET OVER THE HUMP. MANY PEOPLE THINK WHEN THEY BUY SONOS SPEAKERS OR GOPRO OR AN HP LAPTOP THAT THEY WOULD GO RIGHT TO THE COMPANY OR ONE OF THE ESTABLISHED RETAILERS THAT THEY KNOW. HOW ARE YOU GOING TO GET OVER THAT?

JOHNSON: THEY WILL DO THAT. WE LIVE IN A WORLD WHERE CUSTOMERS HAVE ULTIMATE FREEDOM WHERE TO SHOP. BEST BUY IS A GREAT RETAILER, YOU CAN BUY SONOS THERE. YOU CAN GO GET IT, TAKE IT HOME. BUT WHEN YOU GET HOME, YOU'RE ON YOUR OWN. WHEN YOU BUY FROM ENJOY. YOU CAN PICK THE PRODUCT, PICK A TIME AND PLACE AND WE WILL HAND-DELIVER, SET IT UP AND SPEND TIME HELPING YOU NAVIGATE OVER 50 DIFFERENT MUSIC SERVICES TO SEE WHICH ONE IS RIGHT FOR YOU. JOHN McFARLAND, THE CEO OF SONOS IS SO EXCITED ABOUT ENJOY. BECAUSE WE'RE THE FIRST COMPANY TO GO THROUGH THE DOOR. SONOS' DREAM IS TO FILL PEOPLE'S HOME WITH MUSIC. THEY'VE HAD CHALLENGE TO DO THAT BECAUSE IT'S HARD. WE'RE GOING TO GO THROUGH THE DOOR AND THAT'S THE SECRET TO ENJOY. WE'RE MOVING INTO A CONNECTED LIFE. WE ALL HEAR ABOUT THE CONNECTED HOME. HOME SECURITY, HOME AUTOMATION. HOW TO ENJOY MY HOME, A MOBILE LIFE, MY HEALTH INFORMATION HAS TO GET TO MY DOCTOR. IN A MOBILE WORLD, CONNECTED WORLD, THE STORE AND THE SERVICE HAVE TO MOVE WHERE THE CUSTOMER IS. AND THAT'S WHAT WE'RE BETTING ON. WE'RE BETTING ON A MOBILE FUTURE WHERE PEOPLE NEED HELP AND WE'RE GOING TO BE THE FIRST PERSONAL COMMERCE PLATFORM THAT FOCUSES ON UNMATCHED PERSONAL SERVICE. WHILE OTHERS FOCUS ON CONVENIENCE.

REAGAN: DO YOU THINK STLS STILL A PLACE FOR PHYSICAL RETAIL?

JOHNSON: ABSOLUTELY. BECAUSE THERE WILL BE TIMES IT'S MORE CONVENIENT FOR ME. ENJOY WILL ALSO SPECIALIZE WITH NEW THINGS. LIKE AT SOME POINT IT'S IF WE CAN OFFER THE APPLE WATCH, IT WILL BE WONDERFUL. IT'S A NEW PRODUCT. AND THAT'S THE KIND OF PRODUCTG PEOPLE WANT EXTRA HELP. ONCE I BOUGHT IT A FEW TIMES, I MIGHT BE JUST AS HAPPY TO ORDER IT ON AMAZON AND HAVE IT CONVENIENTLY DELIVERED TO MY HOME OR I MIGHT GO TO THE STORE. BUT THERE'S A PLACE FOR BOTH.

REAGAN: DO YOU THINK ENJOY WILL EVER GO PUBLIC? I KNOW IT IS LAUNCH DAY BUT YOU DREAM BIG.

JOHNSON: IT'S THE FUNNIEST THING. NOBODY AT ENJOY EVER THINKS ABOUT ANYTHING THAN BUILDING A BUSINESS AND CREATING GREAT JOBS. AND WE'VE GOT 127 INCREDIBLY PASSIONATE EMPLOYEES WHO ARE CELEBRATING TODAY BECAUSE WE FINALLY LAUNCHED. WHAT'S BEEN A YEAR IN THE MAKING FOR MOMENT OF THEM AND 30 YEARS IN THE MAKING FOR ME.

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