Penney's Loss Equals Competitor Gains
J.C. Penney’s heavily marketed “fair and square” pricing (which eliminated coupons, discounts and sales in favor of everyday low pricing) is driving consumers to look elsewhere for deals, according to the St. Louis Post Dispatch. Gilk’s and Macy’s are reporting upticks in their stores that happen to be close to J.C. Penney stores. While executives with J.C. are staying the course, others are questioning the strategy. “Every retailer in the country would have to get rid of sales at the same time to make that strategy work,” said C. Britt Beemer, chairman of the America’s Research Group.