JCPenney's CEO, Marc Rosen, has committed to maintaining or even reducing prices for many of their leading products throughout the holiday season compared to the previous year.
"We're committed to making our Black Friday prices for almost all of [its most popular gifts] the same or lower than last year," Rosen said during a call on Monday with reporters.
While deals on select products are set to be unveiled well before the traditional holiday shopping event, CEO Marc Rosen mentioned that the iconic department store chain, with a history spanning over 120 years, plans to "extend Black Friday-equivalent pricing throughout November."
Their inaugural sale, termed "Black Friday Early Access," is slated to commence on November 3, with the concluding sale event expected around mid-December.
JCPenney has revealed a glimpse into its holiday marketing playbook, including a deluge of savings opportunities and giveaways, video ads, a social media “Penney Prepper” challenge, paid creator partnerships and more:https://t.co/5HIZkskv0D
— Marketing Dive (@marketingdive) October 25, 2023
These strategies are intrinsic to Rosen's broader objective of rejuvenating the brand, specifically targeting working-class families who represent the company's primary clientele. In a conversation with FOX Business, Rosen shared that their main demographic consists of community educators, builders, and healthcare professionals, many of whom have witnessed their monthly expenses surge by approximately $700 in recent times.
In the aftermath of its 2020 bankruptcy filing, the company, under Rosen's leadership since 2021, has been overhauling its product lineup. The focus is to position it as a more affordable choice compared to rival department stores, thereby driving more footfall from its targeted customer segment.
"As the retailer for America's diverse working families, we understand how important and also at times how stressful the holidays can be for our customers, which is why we want to make sure that they don't have to make trade-offs when they're shopping for holiday gifts, hosting essentials, or for the perfect festive outfit to help celebrate the season," Rosen stated during Monday's call.
Inflation, which surged beyond expectations in September, combined with looming recession fears, has burdened consumer sentiments.
Compounding these concerns, economists are wary that consumers might turn increasingly cautious in the near future, especially as student loan repayments recommence and the impact of elevated interest rates permeates the economy.
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