It's been well documented here and everywhere else that J.C. Penney's "Fair and Square Pricing" strategy has driven away many of the department store chain's traditional shoppers while failing to attract new ones.
Now, Penney and its CEO, Ron Johnson, the champion of the strategy, have reversed course and are bringing back sales with the hope that customers will follow.
According to reports, the chain will not only be rolling out sales events but will also be adding signage that shows shoppers how much they are saving by shopping at Penney instead of its competitors.
Daphne Avila, a spokesperson for the retailer, told Bloomberg News, "Our return to sales in no way signifies a change to our pricing strategy, but rather an evolution of it."
Mr. Johnson told The Associated Press, "Our sales have gone backward a little more than we expected, but that doesn't change the vision or the strategy. We made changes and we learned an incredible amount. That is what's informing our tactics as we go forward."
Wall Street appears to have liked what it heard from the company. Penney's share price rose more than nine percent in trading yesterday.