J.C. Penney sales were retired last year in an effort to provide straightforward and transparent pricing — but now the mall anchor store has returned to competitive discounting.
Last year, J.C. Penney made headlines for retiring the practice of sale pricing, and the retailer indicated a push to add everyday consistent and low pricing instead of coupons and promotions.
The move was considered risky by some, and the retailer stuck by the J.C. Penney no sales policy for exactly a year. Last week, the New York Post ran a column accusing the chain of deceptive pricing as well as potentially colluding with vendors to inflate the value of items offered within the stores.
Consumerist quotes CEO Ron Johnson on the newest J.C. Penney sales policy, saying the retailer is formulating a plan based on results. Johnson explains:
“Our sales have gone backward a little more than we expected, but that doesn’t change the vision or the strategy … We made changes and we learned an incredible amount. That is what’s informing our tactics as we go forward.”
According to CBS, J.C. Penney sales are not the only pricing strategies coming to stores:
“Penney also plans to add new price tags or signs for more than half of its merchandise to show customers how much they’re saving by shopping at the mid-priced chain – a strategy that a few other retailers such as home decor chain Crate and Barrel and the company that owns TJ Maxx, HomeGoods and Marshalls.”
“For store branded items such as Arizona, Penney will show on store signs a comparison of prices from competitors.”
The retailer says that while J.C. Penney sales are back, there will be far fewer than there were in previous years.