Joseph Iles, general manager of JC Penney at the Albany Mall, said that Penney stores all over the country are changing to the “Fair and Square” concept for pricing, returns and store appearance. Iles said the concept comes from Ron Johnson, former merchandising director of Apple, Inc., and the new CEO of JC Penney.
ALBANY — JC Penney at Albany Mall has implemented the company’s new pricing policy which emphasizes everyday discounts and a move away from sales.
All of that and more is Penney’s new “Fair and Square” restructuring for a new age of retail, according to Joseph Iles, general manager J.C. Penney at the Albany mall.
“We’ve decided to be America’s favorite place to shop,” said Joseph Iles, manager of the local Penney store, “and this is a bold move to take that position.”
“Fair and Square” is the brainchild of Ron Johnson, former retail vice president at Apple, Inc., and Penney CEO since November.
The Penney makeover covers a lot of territory, uncharted for “big box” sellers. At the heart of the change lies a mostly level pricing structure. No longer will stores live and die on coupons and traditional sales. Corporate has decreed that coupons be banished.
According to Penney sources and Iles, while the prices may not always be quite so good as a huge sale, they will be “very close,” and the added shopping convenience will more than make up the difference.
“The pricing is all the same,” Iles said, “It’s just not a hassle anymore.”
Iles said that “white box” pricing is implemented for selected monthly sales, each month featuring “the best stuff,” according to the literature.
Finally, “blue box” pricing indicates a J.C. Penney sale set for every first and third Friday of each month.
Among the boldest of the restructuring is the Penney return policy. The new Penney “Fair and Square” brochure states the return restrictions — “any item, anytime, anywhere. it’s that simple.” Receipts are optional, according to Iles.