J.C. Penney Revamping Prices, Promising Monthly Sales Events

J. C. Penney -- or, as it now wishes to be called, jcpenney -- is implementing a new pricing and sales plan that its CEO says he thinks will make it "America's favorite store." Speaking to financial analysts in New York today, Ron Johnson unveiled "Fair and Square Pricing, making every day a great day to shop."

"The department store is the number one opportunity in retail today. We are going to rethink every aspect of our business, boldly pursue change, and create long-term shareholder value, as we become America's favorite store," Johnson said. "Every initiative we pursue will be guided by our core value to treat customers as we would like to be treated -- fair and square."

The new pricing plan consists of three types of prices, Johnson said:

• "Everyday, regular prices, which are always great;
• Month-Long Values, even better prices on the things you need now; and
• Best Prices, jcpenney's lowest prices, which always happen on the 1st and 3rd Fridays of every month as jcpenney makes room for exciting new merchandise."

The plan is sort of lunar, actually, based as it is on a monthly calendar. There will basically be 12 sales per year, each lasting a month and each tied to the products customers are likely to want at that time of the year.

"We want customers to shop on their terms, not ours. By setting our store monthly and maintaining our best prices for an entire month, we feel confident that customers will love shopping when it is convenient for them, rather than when it is expedient for us," Johnson said.

New brands

Johnson's ebullient comments no doubt added salt to the wounds over at Macy's, which is seething at Martha Stewart for signing up to provide products to the revamped jcpenney.  Macy's has sued Martha, claiming it had an exclusive right to sell Matha Stewart products.

But while Martha may be tied up in court for awhile, jcpenney will have comedian Ellen DeGeneres as its new "brand partner." Ellen began her career in her teens as a jcpenney sales person, we're told.

Oh, and by the way, as part of what Johnson fondly called the "reimagining" of the company founded 110 years ago by James Cash Penney, the brand will henceforth be known as jcpenney, as noted above.  This is what marketing people call a new "brand identity."

There's even a new logo -- pictured above -- which we're told "combines the elements that have made jcpenney an enduring American brand, by evoking the nation's flag and jcpenney's commitment to treating customers Fair and Square."

"The square frame imagery will be evident throughout all of jcpenney's marketing, to remind customers to frame the things they love," a news release from the newly-reimagined company gushed.