Report: J.C. Penney to add more promotions
New York -- J.C. Penney appears to be relenting a bit on the strict non-promotional strategy launched by CEO Ron Johnson.
In a report on CNBC.com, Deutsche Bank analyst Charles Grom said the chain has added five "Best Price Friday" events to its calendar. The first took place the Friday of Memorial Day weekend, and another is scheduled for Black Friday in November. Others may occur at peak sales times, according to Grom.
"The additional Best Price Fridays equates to adding promotions and is a step away from the company's three kinds of pricing strategy, suggesting that the company is willing to forgo its original thinking," Grom wrote, according to the report.