JC Penney's New Pricing Strategy
J.C. Penney was founded in 1902 by James Cash Penney, and by 1907 he had purchased full interest in three locations, moving his company headquarters from Wyoming to Salt Lake City in 1909. By 1912, there were 34 stores in the Rocky Mountain State areas. By 1928 Penny's had opened 1000 stores and by 1941 had 1600 stores in all 48 states. Penny's began national advertising in 1956, offered in-store credit cards in 1959, and acquired The Treasury discount stores in 1962. By 1963 it issued its first catalog, expanded to Alaska and Hawaii, acquired Thrift Drug and by 1969 was a major feature in most American cities. By James Penney's death in 1971, the company had revenues of over $5 billion and peaked with 2,053 stores in 1973 jcpenney.com; Mattioli, 2012).
Retailing in the 21st century demands far different strategies than ever before. Retailing has changed, both because of globalism and the changing desires and expectations of the consumer. Stakeholders, the media, and the government have caused retailers to be more transparent in their production and manufacturing techniques, and demand more moral and ethical behavior, more sustainable and eco-friendly practices and technology. Today, the market is such that retailers grow only by taking away from competitors, not usually by growing their own brands. This has resulted...
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