J.C. Penney Re-imagined
J.C. Penney (NYSE:JCP) announced it will “re-imagine” every aspect of the company’s business. Calling their presentation “In Praise of Fresh Air”, chief executive officer, Ron Johnson and president, Michael Francis outlined plans to make J.C. Penney America’s favorite store. Every store will be transformed over the next four years.
The company plans three types of pricing to let customers shop on their own terms. The always great regular prices, or Everyday prices; even better, or Month-long prices; and the lowest, or Best prices are the strategy.
Mr. Johnson said the company will provide a monthly calendar of 12 promotions, keeping Best prices for an entire month. According to Mr. Johnson, “We want customers to shop on their terms, not ours…” Mr. Francis said the new changes are redefining the J.C. Penney brand to become a store for all Americans, “by offering an experience they cannot get anywhere else…”
The company will introduce a new logo and a commitment to be ‘Fair and Square’ with customers. A monthly book will be sent to millions of Americans starting next month. Ellen DeGeneres, who was an associate for the company as a teenager, will be welcomed back to the stores as a brand partner.
The transformation starts on February 1st, with the implementation of the new logo and new signs in stores. In August, the company plans to start updating stores on a month-by-month and shop-by-shop strategy. As these changes are implemented, your J.C. Penney will be sporting a new look and plans call for a Town Square sometime in 2013.