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January 26, 2012

Penney's moves toward Wal-Mart price strategy

  • The first major moves by the new CEO, former Apple exec Ron Johnson, include plans to transform their stores by 2014.
    • By ANNE D'INNOCENZIO
    AP Retail Writer

    NEW YORK — J.C. Penney 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.

    Penney 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.


     
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