The Re-Birth of JC Penny Essay examples

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JC Penny is a mid-range department stores founded 110 years ago by James Cash Penny. The company was founded on the principle of treating customers right. JC Penny is one of the largest apparel and furnishing retailers with approximately 1100 stores and online at Myron Ullman was hired as a CEO and Chairman in 2004. Ullman overhauled the struggling company to boost its profile and boosting. He introduced stylish designer brands like Sephora, Mango, and Liz Claiborne and boosted the company appeal to the customers (Guinto, 2011). Company new slogan of "New look, new day, who knew" were catchy and he was hailed as remaking a legendary retail brand. It catered middle-aged women on tight budgets and they were thrilled with the …show more content…
The project was called "Fair and Square." Fair and Square project was introduced at JC Penny Company Inc. for the nationwide merchandise pricing strategy. The project was started in Feb 2012 targeting the difficult issue of pricing. This new project targeted the customers off of coupons and other pricing practices that undercut company profitability. It replaced the coupons with new simpler price points - Every Day, Monthly Value, and Best Price. The new pricing will all end with "0"instead of "99" and price tags will list just one price (Mohammed, 2012). New management thought customers will discover straightforward Fair and Square Pricing, month-long promotions that are in sync with the rhythm of their lives, exceptionally curated merchandise, artful presentation, and unmatched customer service (PRSNewswire). New management aim was to create 80 to 100 highly-branded "stores within a store (Mohammed, 2012). Like Apple's Genius Bar, JC Penny will also have a "Town Square" offering complimentary services to customers as well as free food like hot dogs and ice cream. New team also wanted to cater to the young and rich shoppers. Fair and Square project plan was to increase the company profit. Johnson realized that almost three-quarters of everything sold at the store was typically sold at a 50 percent discount of list prices. So he replaced with three prices with Every Day, Month Love Value and Best Prices with different color tags. Every Day pricing, with

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