J.C. Penney Uses Old Trick To Turn Sales Around

J.C. Penney Uses Old Trick To Turn Sales Around, The struggling retailer has realized that its shoppers dont really want “everyday low prices.”, Hot Stock Minute, Iconic retailer J.C. Penney will live to fight another day thanks at least in part to one of the oldest tricks in the retail business. The company reported a smaller loss than Wall Street was expecting, defying predictions that the retailer was headed for bankruptcy like other middle-market retailers such as Loehmanns which is shuttering stores this weekend. J.C. Penney returned to the tried and true retail practice of jacking up prices only to slash them, offering customers the appearance of deep discounts. The new CEO Myron Ullman returned to the practice after his predecessor tried the unthinkable: eliminating sales. It turns out customers dont like so-called “everyday low pricing” as much as they like feeling as though they just got a bargain, even if the price theyre paying is the same.Continue Reading...