JCPenney to Reinvent Pricing, Identity and In-Store Experience
January 26, 2012
Plano, Texas-based J. C. Penney Co. Inc. and its new CEO Ron Johnson, formerly with Apple Inc., announced plans to permanently mark down all of its merchandise by at least 40 percent beginning Feb. 1. The department store retailer will do away with the hundreds of sales it offers each year in favor of a simpler approach to pricing. Across all of its department stores, the retailer will roll out a three-tiered "Fair and Square" pricing 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. The company also will implement new merchandise tags—a red tag indicates an "Every Day" price, a white tag a "Monthly Value" and a blue tag a "Best Price." In addition to a new advertising campaign, the retailer has also outlined plans to entirely reinvent the JCPenney store experience, to include adding a "Main Street" of 80 to 100 in-store brand shops and a "Town Square" feature area that will offer a bevy of services. "The department store is the No. 1 opportunity in retail today," said Ron Johnson, CEO, J. C. Penney Co. Inc. "We are going to rethink every aspect of our business, boldly pursue change, and create long-term shareholder value, as we become America's favorite store." Currently, the company operates 1,100 stores.
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