TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

J.C. Penney revives sales

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

By The Associated Press
Tuesday, Jan. 29, 2013, 12:01 a.m.
 

NEW YORK — J.C. Penney is bringing back sales.

The struggling department store chain this week will begin adding back some of the hundreds of sales it ditched last year in hopes of luring shoppers who were turned off when the discounts disappeared, CEO Ron Johnson said.

Penney plans to add price tags or signs for more than half of its merchandise to show customers how much they're saving — a strategy used by a few other retailers. For store branded items such as Arizona, Penney will show comparison prices from competitors.

The moves are a reversal for Penney on the eve of the one-year anniversary when it vowed to almost completely get rid of the sales that Americans covet but that cut into a store's profits. The idea was to offer everyday low prices that customers could count on rather than the nearly 600 fleeting discounts, coupons and sales it once offered.

The bold plan has been closely watched by others in the retail industry. But so far the experiment has served as a cautionary tale of how difficult it is to change shoppers' habits: Penney next month is expected to report its fourth consecutive quarter of big sales drops and profit losses.

After losing more than half of its value, Penney stock is trading at about $19. And the company's credit ratings are in junk status.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. Natrona Bottling Co. keeps soda pop operation focused on craft, taste
  2. High pollution levels found near Ohio gas wells
  3. Chevron puts $20M into educating, training Appalachian workers
  4. PPG Industries to buy Westmoreland Supply paint store chain
  5. Allegheny Technologies reports $700,000 loss in 3Q
  6. Large-scale batteries are integral in shift to renewable energy
  7. Plastics, tech sectors crucial to cracker plants
  8. Fannie Mae might take 3% down
  9. Hackers rip into heart of open-source software
  10. Streaming won’t mean the end of cable
  11. IBM to pay $1.5B to shed chip division
Subscribe today! Click here for our subscription offers.