In the presentation, Johnson and Francis introduced a new pricing strategy called "Fair and Square," which includes three types of prices: everyday regular prices, month-long values and best prices. The best prices are the retailer's lowest prices that will occur on the first and third Fridays of every month to introduce new merchandise. And rather than inundating the customer with a series of sales, coupons, rebates and retail gimmicks, JCPenney will host 12 promotional events each year, on a monthly calendar.

 

"Beginning February 1, we will create tremendous excitement through monthly promotions that are in sync with the rhythm of our customers' lives," says Johnson. "We will transform each and every store over the next four years with a month-by-month, shop-by-shop roll-out of exciting new merchandise initiatives."