It took only 17 months for Ron Johnson be outsted as the CEO of JC Penney. Quite honestly, I’m surprised that it took that long!
When I first heard about the proposed change in the item pricing strategy, I was skeptical. For those who might have missed the whole thing, Johnson effectively wiped out sales and coupons, two mainstays of JC Penney’s pricing model, and replaced it with ‘fair pricing’ that would lower the everyday prices of all items. So, instead of a t-shirt being $15, getting marked down 20%, and then being sold for another 20% off with a coupon available in the Sunday insert (making for a total of $9.60 if my math is right), they would price the item at, say, $9.