J.C. Penney to Change Prices as CEO Johnson Remakes Retailer
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J.C. Penney Co. Chief Executive Officer Ron Johnson today laid out his plans to revive the retailer, starting with an overhaul of pricing and store layouts.
The retailer is introducing a three-tier price model and will scale back sales to 12 a year, Johnson told analysts today in New York at his first public presentation heading the Plano, Texas-based company. Each month, J.C. Penney will offer discounted prices on seasonal products, such as back-to-school items, and will also have so-called “best prices” promotions on the first and third Friday every month, he said.