J.C. Penney Is Slashing Prices of Some Items to Just 1¢
In a bid to bring shoppers back into its stores, struggling retailer J.C. Penney is finally becoming the kind of place you assumed it was when you were a little kid: a store that sells things for a single penny.
With a new “Get your Penney’s worth” marketing campaign, J.C. Penney will be marking some items down to just 1¢, starting with items from it’s $1 billion Arizona brand, reports Bloomberg.
The retailer has had a tumultuous several years including the ouster of a short-lived CEO whose tenure included a disastrous brand makeover as well as lawsuit for deceptive marketing tactics over discounting from artificially inflated prices. The hope with its new “Get your Penney’s worth” campaign is not just that it will drive foot traffic in its stores, but that it will entice customers into trying new products out. “We’re going to do it with items we’re proud of,” said Mary Beth West, J.C. Penney’s chief customer and marketing officer.
The plan calls for some items to be sold on a buy one, get one for a penny basis, while others will cost one penny outright with no requirement for an additional purchase. Each store will have limited items available for a penny.
It seems the retail chain James Cash Penney started back in 1902 may be living up to its name once again.