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February 08, 2013 at 13:38 PM EST
JC Penney Tries to Woo Back Core Customers
When Ron Johnson was chosen as CEO of JC Penney (NYSE:JCP) in June 2011 he shocked investors by announcing that he would permanently mark down prices 40% instead of attracting customers through a steady stream of sales and promotions. He called the new prices "fair and square " and he expected customers would prefer consistently low prices to the thrill of bargain hunting and self-satisfaction of coupon hoarding. Customers however didn't buy it. Literally. JC Penney's promotions were the main draw for the retailer's frequent shoppers who love the thrill of the bargain hunt. As a result JC Penney's ...
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