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Heather's avatar

Oh man I remember the story of the JC Penny CEO. We have a CBC (Canadian Broadcast Corp.) podcast here called “Under the Influence” which is hosted by a retired ad guy. It’s fascinating. That CEO did everything I wished all retail would do: cut the crap, charge what you need to, make the prices clear and simple. I don’t want 300 different sales a year with BOGO and save the tax and “usually 14.99 on sale for 9.99 with the purchase of this thing I don’t want”. Just lower the damn prices to the average of what you charge over a year and stop messing around. And make it $10, not $9.99 you aren’t fooling anyone.

And wow. He did all of that. And nearly sunk the company.

I mean, sometimes your ideas are wrong, but usually you don’t get to see how wrong. You just wonder why no one does it your way. I’m glad he learned how wrong I was so I didn’t have to. 😜

Steven Fay's avatar

I managed a shoe store many years ago. (This would have been shortly after the invention of shoes.) The store was one of 52 scattered across the Northeast. Ours was the last stop when the General Manager conducted a chain-wide inspection tour. He finished and declared ours the "number one store in the chain."

Silly me thought, "pay increases."

Reality: he cut my store payroll by 5 hours per week AND increased our business hours by 5 per week.

Not much has changed in the decades since.

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