By editor
Originally published on Fri March 8, 2013 10:27 am
Last year, J.C. Penney saw what every big retailer had been seeing for years: the threat of Amazon and other new competitors rising to destroy their business.
So J.C. Penney brought in a bold new CEO. Ron Johnson had already created Apple Store, a chain of physical stores where people flocked to shop. Before that, he had revamped Target.
And Johnson had a plan for J.C. Penney: Tell customers they don't have to spend time anymore clipping coupons or waiting for sales to happen. Instead, the store would offer fair prices on its merchandise every day.
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