Ackman on J.C. Penney: Wait until August

New York -- William Ackman, founder and CEO of Pershing Square Capital Management, said that J.C. Penney Co. should start to see “real progress” in early 2013. Ackman made his comments in an interview Tuesday on CNBC’s “Squawk Box.” Pershing Square owns about 18% of J.C. Penney.

Ackman, who has been steadfast in his support of CEO Ron Johnson’s ambitious reinvention of the chain, said that changes will start to become noticeable in Penney stores in August when new merchandise begins to make its way onto the sales floor.

Ackman also emphasized that it “takes time to educate the customer.”

"Ultimately, time is your friend when you look at strategy change," he said. “Eventually, people are going to get it."