Don't nail J.C. Penney's coffin just yet.

The venerable retailer is often mentioned in the same conversation as other retailers thought to be nearing their final breaths, including Sears and Macy's. And it's easy to understand the sentiment.

Nine retailers filed for bankruptcy protection in the first quarter of this year, with Rue21, Payless and Bebe joining the list so far this quarter. The sector is on pace to match or potentially break the record of 18 retail chain bankruptcies filed in 2009.

The "retail apocalypse," as many have begun to call it, is largely blamed on e-commerce behemoth Amazon, and there's no question it has forever altered the state of the retail economy. With Amazon's power, not to mention growing piles of net operating cash, it has become difficult to compete with the online giant.

That's why Penney's has hedged part of — perhaps much of its future on a pivot.

The consumer chain announced last week it would enter the B2B space, selling products to the hotel and lodging and multiunit residential industries. Penney's claimed in a press release the hospitality industry is worth $200 billion in sales annually and made up of more than 5 million rooms that need multiple sets of mattresses, linens, pillows, towels and curtains products Penney's already sells in volume to some hotel operators.

Furthermore, these properties necessitate large-capacity appliances, like washers, dryers, refrigerators and microwaves also inventory Penney's can supply.

"Our entry into the B2B program reinforces our home refresh initiative, while providing new and innovative ways to achieve sustainable growth and profitability," Penney's CEO Marvin R. Ellison said in that press release.

While it remains to be seen whether the growth and profits come, the primary takeaway here is that Penney's has found an area where it holds an advantage if at least temporarily over Amazon.

"The move to B2B makes a lot of sense," said Maureen Mullen, chief strategy officer at consumer brand consulting firm L2, in a phone interview with MarketWatch. "For one, [J.C. Penney] is entering an area that Amazon is not playing."

Penney's is certain its extensive supply chain and brick-and-mortar locations will allow local and timely service to businesses. "J.C. Penney is poised to affordably accommodate hotels, innkeepers, property management companies and more to fulfill their commercial and bulk purchase needs," the company stated.

By no means is this a magic bullet to pull Penney's back into the retailing elite; the challenge ahead is still monumental.

The company's stock has dropped more than 60 percent over the last year, and at less than $5 per share is light years from when it traded above $80 just 10 years ago. Furthermore, S&P Dow Jones has announced it is demoting Penney's stock shares from the MidCap 400 to the SmallCap 600 index, further indicating its state of decline.

Investors are weary, though some do see optimism for Penney's that doesn't exist with others in the sector, aided by moves such as this extension into B2B.

Like other chains, Penney's is overhauling its consumer shopping experience, trying to connect with today's shoppers and sustain its core business. However, the ability to move into the B2B space may afford Penney's a lifeline not many other retailers have available in their arsenal.