JC Penney getting rid of deep discount price strategy

January 25, 2012 12:53:19 PM PST
Retailer JC Penney is getting rid of the deep discount pricing strategy that's become synonymous with its brand.

The plan is the first major move from former Apple executive Ron Johnson. He became JC Penney's CEO in November.

The goal is to operate more like Walmart, which focuses more on everyday low prices and less on sales and red dot clearance events.

As part of the new strategy all of the retailer's merchandise will be permanently marked down by at least 40 percent.