I don't make a CEO's wages, but I could have told J.C. Penney that switching its marketing strategy to eliminate sales would flop with its core customer base.
Apparently the retailer is finally catching on. It apologizes in this YouTube commercial and asks shoppers to return.
The video doesn't make reference to ousted CEO Ron Johnson, the former Apple exec who tried to eliminate sales and coupons and give the store a more upscale, boutique image. But it seems pretty clear Penney's recognizes that his strategy drove customers away.
Psst, Penney's, I'll let you in on a secret. Your customers love getting a bargain, or at least thinking they are. It's all about the thrill of the hunt.