JCPenney Tweaks Pricing Strategy Again
NEW YORK (AP) - JCPenney is revamping its pricing strategy -- again.
Six months after the mid-priced department store chain got rid of the hundreds of sales it offers each year in favor of a three-tier pricing approach, JCPenney is eliminating one of the tiers and bringing back the word "clearance."
Ron Johnson, the chain's CEO since November, said the moves come after feedback from customers showed that shoppers found the three-tier structure "confusing."
The former Apple Inc. executive spearheaded the change in pricing at JCPenney. The new strategy, effective August 1, illustrates how difficult it can be to try to change the mindset of Americans who have become used to sales.
(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
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