![]() The company is also planning to close stores. So JCPenney is testing regional pricing in 60 stores, and executives say they’re pleased with the results so far. “We price Manhattan the same as we price rural Alabama, and that probably doesn’t make sense,” Chief Financial Officer Ed Record said. The department store chain has other plans to return to profitability, including the introduction of prices that vary by region. So JCPenney’s new strategy could be considered somewhere in between the two extremes of no coupons, and too many. By the time Johnson was ousted, the coupons and sales had returned with a vengeance, but the company has never quite recovered. He repelled once-loyal shoppers with his decision to eliminate coupons and sales altogether, in favor of an everyday low prices approach. JCPenney’s sales and profits plunged during the year-and-a-half-long tenure of CEO Ron Johnson that began in 2011. ![]() “What we’re saying is that we’re going to have a more data-driven approach.” “We’re not saying we’re going to eliminate couponing,” he said. So Ellison pledged fewer large-scale coupon giveaways, in favor of specific, targeted offers. “It’s not that couponing was a bad idea, because I think our customers have voted historically that that matters to them, it’s how we did it.” While the promotions didn’t always go exactly as planned, JCPenney attracted crowds by giving away high-value “mystery coupons” on several occasions over the past few months.īut “we took couponing to a level that was unhealthy,” which was one of several “poor decisions that will not be repeated in the future,” CEO Marvin Ellison told investors on Friday. You’ve probably noticed the increased presence of JCPenney coupons recently. The retailer reported another quarter of slumping sales last week, which it blamed in part on an “unhealthy” level of couponing over the holidays that it is pledging not to repeat. So use those JCPenney coupons while you can! ![]() The department store that famously and disastrously got rid of coupons, then relented and brought them back, is now having second thoughts about coupons once again. ![]()
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