Have you been to the new JCP yet? It's on my list of to do's this weekend. Unless you never turn on the tube, chances are you've seen JC Penney's commercial. Huh…The one in the bathrobe looks vaguely familiar. 😉
JC Penney has a new CEO. Apple executive, turned CEO of JCP, Ron Johnson and their new President Michael Francis are bringing back what they have coined as “Fair & Square” pricing.
Their basic strategy is that an item that was previously priced for $10, and ended up selling for $3 will now just be priced for $4 from the start.
According to Johnson 72% of JCP's revenue came from products sold at a discount of 50% or more. CEO Johnson says, “We think it’s time to reclaim our price integrity,” Stating that the coupon strategy over the holiday's made the company look “desperate. We’re committed to regaining consumer trust.”
So, there you have it. The end of coupons at JCP. As a bargain hunter, it's a hard sell for me. Plus, I'm wondering how many extra dollars my now cheaper JCP item is costing me because of the huge commercial campaign, that most people don't understand. And, will there really be no more coupons? Does it mean I can unsubscribe from their emails? What about the $10 off $25!….. NOOOOO!
In all seriousness though, for everyday consumers, it could be a good move, IF they stick with the low price promise. What are your thoughts. Have you been to the store yet? Head to their Facebook wall to see what fans are saying.
You can read a related story by the SL Tribune here.
Thanks to reader Karen who emailed wondering what in the world is with that commercial?
**NOTE: This piece is NOT sponsored by JCP. The youtube video was added for the heck of it. 🙂