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JCPenney Allegedly Raises Prices So Sales Look Better

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JCP's site is offering serious sales on jewelry in advance of Valentine's Day.
JCP's site is offering serious sales on jewelry in advance of Valentine's Day.

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Here's one way to trick customers: Quietly raise your prices, than promote enticing-sounding sales that actually aren't that great considering said price inflation. The New York Post reports that trickery of this very sort is going down right now at troubled retailer JCPenney.

As you may recall, JCP's business depends on sales—and when ousted CEO Ron Johnson did away with coupons and discounting, JCPenney's revenues tumbled. "According to one source," says the Post, "prices on key jewelry items are being hiked an average of 40 percent. In some cases, the increases are more dramatic." They found a few examples of price changes in the jewelry department, including a set of earrings that had been hiked 225%. The changes are reportedly being rolled out slowly to avoid spooking customers.
· JCP hikes prices for bigger discounts later [NYP]
· Is This Man to Blame for All JCPenney's Troubles? [Racked]
· JCPenney Admits Their No-Sale Strategy Has "Driven Away Customers" [Racked]