Great move by J.C. Penney to announce that they are changing to "everyday low prices" and additional savings on all of their merchandise.
Sure, as a consumer this is good news. The more retailers that lower prices, the better it is for us.
If you missed it, here is the story:
But this announcement is more than that. This could very well turn this large retailer around, and that's good for their employees and investors in the long term as well.
Few, if any, would have questioned if Penney's had started closing a ton of their stores and began the journey to oblivion that some other regional and national retailers have been faced with over the past couple of years. This move turns a negative into a positive.
Their stores, or at least the ones I have been in over the past few years, became a bit stale. Not quite polished enough to feel like an elite (another word for overpriced for us consumers!) department store. But certainly not discounting anywhere near enough to be considered a discount or "low price" retailer. If the "low price" people and the "elite store" shoppers have what they are looking for down the street, and quite often in the same malls, it is no wonder that Penney's has become less and less busy lately.
Their "captain" is not only staying with the ship, but it seems this is an attempt to steer it in a better direction.
They deserve our consideration as they make these changes. We'll be watching............