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NEW YORK - J.C. Penney (JCP) is permanently marking down all of its merchandise by at least 40 percent so shoppers will no longer have to wait for a sale to get the lowest prices in its stores.
The company said Wednesday that it is getting rid of the hundreds of sales it offers each year in favor of a simpler approach to pricing. On Feb. 1, the retailer is rolling out a three-tiered strategy that offers "Every Day" low pricing daily, "Monthly Value" discounts on select merchandise each month and clearance deals called "Best Price" during the first and the third Friday of each month when many shoppers get paid.
J.C. Penney banks on permanent 40% markdowns
Seeded on Wed Jan 25, 2012 8:23 PM EST
Article Source: CBS News- Enjoy this article? Help vote it up the 'Vine.
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The pricing strategy caps months of speculation about what Penney's future might look like under the leadership of Ron Johnson, a former Target Corp executive and the mastermind behind the success at Apple Inc. stores who became Penney's CEO in November.
Johnson, who joined the company's board in August, has begun to put his stamp on the retailer. Penney announced in December it will have homemaker doyenne Martha Stewart develop mini-shops starting next year. And Johnson has tapped former colleagues at Apple and Target to join him at Penney.
- 1 vote
#1 - Wed Jan 25, 2012 8:25 PM ESTThis demonstrates how high their markup was previously. Good seed!
- 2 votes
#2 - Thu Jan 26, 2012 6:40 PM ESTYou're in Easy Mode. If you prefer, you can use XHTML Mode instead. |
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