Artificially raising prices to create bigger sales and discounts of 50 percent and 70 percent "is trickery" and "a race to the bottom", said Penney's new chief executive Ron Johnson.
I couldn't agree more with Mr Johnson. With the aid of technology like the internet, consumers today are more savvy than ever. The buying public knows value and has a good idea what constitutes a fair price. If they don't they can find out with a few clicks on their smart phone, while shopping at J.C. Penny or another retailer.
Why is jewelry the lucky category to still have its prices inflated then marked down by Penney's? I don't know. I can't remember the last time I walked by a jewelry store in the mall and did not see a 40% off sign. The internet is the worst, you can regularly find jewelry and watches sold for 90% off. Who believes this bologna? I don't know.
I do know that when you shop at Spiegel and Son you will get a fair price on a beautiful piece of jewelry. I will look you in the eye and make sure my first price is reasonable and represents value for you, my treasured customer. This is how Spiegel and Son has done business for 62 years, I see absolutely no reason to change. Don't you think this beats $50.00 coupons, buy-one-get-one-free and 60 to 80 percent off!