In for a penny? J.C. Penney offering 1-cent deals in hopes of boosting sales
(Feb. 26, 2016) – Don’t think you can get much for a penny? J.C. Penney is banking on its name and hoping to change that perception to get customers in the door.
The department store chain said it would sell some of its store brand items for a penny. It’s part of a new marketing campaign called “Get Your Penney’s Worth,” according to Fortune.
The deals will start with the company’s Arizona brand. Some items will include “buy one, get one for a penny” while others will simply go for 1 cent by themselves. The retailer wants customers to fall in love with its store brands, which Fortune noted are exclusive to the chain and offer higher profit margins. The department store’s other brands include Liz Claiborne and St. John’s Bay.
J.C. Penney is hoping for a rebound by offering the deep discounts. The company closed about 40 stores last year and cut 300 jobs at its headquarters in Texas.