The psychology of J.C. Penney: Why shoppers like it when retailers play games with prices
By Rachel Ehrenberg, 12:08 PM April 22, 2013
Last year, J.C. Penney CEO Ron Johnson put an end to “fake prices,” the ones that customers see but rarely pay because of coupons and sales. Instead, the clothing retailer decided to sell items at cheaper everyday prices in an effort to “stop playing games” with consumers. By June, Johnson had conceded that this strategy wasn’t working. Penney brought back coupons in September; the return of clearance racks soon followed. But it may have been too late for Johnson; he got the boot on April 8 ...
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