One of the nation's oldest retailers, J-C Penney, is changing the way it prices its merchandise to try to get your business.
Instead of advertising hundreds of sales throughout the year, the company is instituting a permanent markdown. Penney's will slash prices by at least 40 percent so customers no longer have to wait for bargains.
Aaron Howes said, "I think it's good all around. It's always certain times of the year, so all the time is better than just Christmas-time."Danika Stuenkel said, "I think it's pretty good they have the sale all-year round. The only bad thing about it was if it's like 50 percent off, you wouldn't get that extra 10 percent or more every year, but having it all year round makes it really good for everybody."
The strategy is similar to Wal-Mart's everyday low pricing strategy except that Penney's goal isn't to undercut competitors. Instead, Penney wants to take the guesswork out of shopping in its stores by offering customers fewer sales and more predictable pricing.Shares of J.C. Penney Co. soared 13 percent Thursday after the department store chain delivered a 2012 profit outlook well above analysts' projections.
Shares are up $4.41 to $38.69.CBS News and The Associated Press contributed to this report