Michiana shoppers visiting JC Penny's will be in for a surprise. Pricing strategies have radically changed beginning February 1st 2012. Associated Press writer Anne d'Innocenzio reported in her interview with new CEO Ron Johnson:
"Pricing is actually a pretty simple and straightforward thing," Johnson told the Associated Press. "Customers will not pay literally a penny more than the true value of the product." Penney's goal isn't to undercut competitors, but rather to offer customers more predictable pricing.
Johnson, fresh from being an executive for Apple Inc. is using his new position to restructure Penny's corporate strategy. Part of the new direction includes:
- Sale prices become everyday prices
- Fewer sales
- New tags
- Simpler pricing
- New advertising
Interestingly the hot film director / tv producer J.J. Abrams was initially attached to the Penny's rebranding. Nikki Finke from Deadline reports:
Abrams is friends with ex-Target Chief Marketing Officer Michael Francis who recently joined forces with ex-Apple Retail stores guru Ron Johnson to reinvent J.C. Penney. “They want my company to help reimagine the bricks and mortar experience and online experience,” Fogelman told me. “Just the way that we helped reimagine Hasbro from a toy company into a media company.”
John Fogelman, an ex-Hollywood agent, was a former partner and investor along side Abrams. Abrams, rightfully decided that his schedule was too jammed packed to be part of this collective. Bringing in successful execs fresh from posts with equally successful retail organizations like Apple and Target should bring about a breath of fresh air and a tighter rein.
Local shoppers can experience the new pricing and direction by visiting their local Penny's stores in the University Park Mall, located at 6501 N. Grape Rd. Mishawaka or 3701 S. Main St. in the Concord Mall in Elkhart IN.
or their website located here.
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