JC Penney ‘Breaks My Heart’: Baskin

J.C. Penney's attempt to turn around its poor sales performance by announcing a new clothing line has yet to show a long-term strategy, Baskin Associates founder Jonathan Salem Baskin said Friday on CNBC.

The struggling retailer said that it would introduce a collection from Canadian-based brand Joe Fresh by Joe Mimran.

But that hardly seemed enough to turn around the company's fortunes, Baskin said on "Fast Money."

"The problem is that Joe Fresh isn't the next iPhone," he said, adding that he had seen "the same kind of stuff at Sears and at Target."

Baskin said that he was a believer in the no-sales strategy that CEO Ron Johnson introduced upon taking the helm of JC Penney more than a year ago.

"And it breaks my heart that he hasn't implemented it," he added, noting that pricing strategy within the retail sector was "a profoundly important issue."

While praising Johnson's vision, Baskin also faulted him for not providing objective, measurable goals.

"I would tell him: Stop making a bunch of promises you can't deliver on," he said.

Baskin drew an analogy to how Samsung quietly took significant market share from Apple in the smartphone market, Johnson's former employer.

"Samsung snuck up on all of us with the success with the Galaxy," he said. "It's not like they announced, 'We are going to kill iPhone in Asia.' They simply did the due diligence."

(Read More: JCP Bets on Canada's Joe Fresh)

Baskin also said that J.C. Penney's latest retail campaign wasn't necessarily representative of its broader outlook.

"Joe Fresh, whether it sells or not, whether it sells this week or next week, isn't going to tell us anything about whether or not the business is on the path to recovery long-term," he said.

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