JC Penny Revamps Strategy in Major Push

Published on Wednesday, 25 January 2012 22:42 Written by Danny Miller

New York, January 25^th (TradersHuddle.com) – JC Penny (NYSE: JCP) fell close to 1% in the session after the company unveiled a new strategy on a media event in New York.

The first major push from CEO Ron Johnson includes a change in their pricing strategy, retooling of stores, and a full marketing campaign looking to change customers perception of the retailer, prompting repeat visits to its stores through month long sales on select products and clearance deals on the first and third Fridays of each month.

The new simpler pricing strategy will dish out deep discounts and continued sales, as it will offer customers a “Fair and Square” price. JC Penny will slash prices about 40%, launching a new lavish marketing campaign.

Its stores will also change, as the company pledge to retool all of its stores through 2015. The company will create distinct retail spaces within its stores that feature different brands.

CEO Ron Johnson took the helm of JC Penny in October after leaving Apple, where he was the head of retail.