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New Pricing Plan At JCPenney

Can Former Apple, Target CEO Pull You into Penny's?
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Ron Johnson (Photo by Brian Kersey/Getty Images)

Ron Johnson (Photo by Brian Kersey/Getty Images)

Written by Brooke Wagner

The other day, I popped into JCPenney at Park Meadows Mall, and I noticed something new. Bright red, rectangular stickers on every price tag, plus dozens of workers throughout the store scanning and sticking the new tags on every single thing — not just the “sale” items.

I didn’t think much of it at the time, though I did get some good deals (two dresses for $12 a piece, a pair of platform pumps for $7, a gold cuff bracelet, $3, a thin belt for $2).

Then, I received a few Tweets about a whole new pricing plan at the store; “Fair and Square” pricing. Some are comparing it to the Walmart model, in which customers expect the best price, any day these walk into the store.

Ron Johnson helped turn Target around with a “cheap chic” campaign, then turned his talents to how consumers buy electronics at Apple. Now, he wants shoppers to know they’ll get a great deal every day at JC Penny – not just during a sale.

More From CBSNews.com: JC Penney CEO brings lessons from Apple

So, the store vows to mark every single item at least 40 percent off, every day.

Last year, JCPenney held 550 “sales” and found shoppers would only come for a discount.

“Customers will not pay literally a penny more than the true value of the product,” Johnson told CBS News.

Also, the company will offer clearance sales consistently — on the third Fridays of every month, and will discount certain groups of items all at once.

“We are going to make the store a place people love to come – just to come. Because they can get support before they’re ready to buy. We’ll transform the buying experience not unlike what we did at Apple.”

Forbes.com has more on the plan, how it will affect shoppers, and what it could mean for the company.

Will JCPenney’s new attitude entice you to shop there? Feel free to write me in the “comments” below, or tweet me @BrookeCBS4. I’d also love to hear about your Valentine deals! Thanks for reading and please check out our Deals of the Day!

About The Blogger

- In her Brooke’s Bargains blog Brooke Wagner writes about finding bargains and saving money for her family. She calls it one of her favorite hobbies. Blog entries cover everything from the latest steals, deals, and freebies to cheap family activities, saving for college, and what to buy right now. Tweet Brooke your ideas at @BrookeCBS4.

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