When Ron Johnson took over as CEO of JCPenney in January, his mantra was "no more coupons." But since the retailer switched to a model of everyday low prices without constant promotions, comparable-store sales have fallen 20 percent, and JCPenney has started to backtrack.
Shoppers who weren't impressed with J.C. Penney's radical new pricing strategy -- eliminating most sales and all coupons -- have seen the retailer reverse course in recent months. Now it's bringing back clearance sales, too. So where does this leave Ron Johnson's retail reinvention plan?