As Lisa mentioned last week, many of the financial and business pundits are calling JC Penney’s recent rebranding and “Fair and Square” pricing strategy an epic failure.
The idea behind “Fair and Square” pricing was that consumers were tired of sales, gimmicks, and the associated drama and uncertainty, so from now on, pricing would remain pretty much steady — you could drop in any time to buy socks and shirts without wondering if your goodies would go on sale next week. Now, of course, with the benefit of 20/20 hindsight, everyone is calling this an obviously stupid move, the CEO has stepped down, and the sales, coupons, and gimmicks are back.
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