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IC Fannie CEO and -- man.
Who actually designed -- apple stores that are so popular right -- Ron Johnson finally unveiling his plans to redesign.
The beleaguered JC Penney.
At an investor meeting in New York today.
I had a chance to see the -- plans insist that would run -- talk about his time at apple.
And how he intends to reinvent.
JC Penney and revolutionize the entire retail industry.
This secret to the Apple Store success.
Is aligned -- Apple's core values is respect for the customer.
It's as simple as that at the -- -- we set out to enrich people's lives.
And so the stories now about.
He's going to buy a product it's giving them integrate option experience that's respects.
Included the same -- JC Penney and the fun thing about it that is how we are starting you can -- -- realized from this companies founded and -- into the name the -- with a golden rule.
You know deal and other -- ahead you do that was actually the name of the sort of the first decade.
And then it became JC Penney.
And you think about what we're calling our new pricing strategy fair and square.
That's -- -- that human need for parents.
And I think we have time in this country people are screaming for that.
That's why people don't trust Wall Street.
They want something to be fair why I don't trust the government government and -- -- the state of the union last night time -- hotel room and and I heard the -- fairness over and over -- That's what people want they want a little relationship with the company they can trust apple has that in -- probably -- brand in the world.
Anyone -- that at JC Penney with all the new things that we -- One thing you didn't hear what it's -- to say you was was how the president is gonna make.
Life simpler for -- and simplicity.
Is one of the keys to the success of the apple stores I think that's how do you use that up to revamp -- -- -- the world is way too complicated.
And it doesn't have to be that -- And we're gonna simplify everything we did -- like price.
You know today with the retailers do -- we've -- guilty of this as well Disney -- -- up way too high.
And then we have to create all these sales you know what our sales weekly sales daily sales coupons rebates when the customer knows the right price for every product.
And so -- -- priced goods right first press right press.
And we'll have better value we'll run values but they won't last very day.
-- in -- the last the entire month.
How do you deal with a sharper who comes in to JC -- or another.
How do you overjoyed that perhaps you don't good for her.
Good for him -- -- -- he does that.
What you just have the place where people want a great value.
But it's not always the lowest price -- -- -- that matches their life value comes in convenience and service and quality -- very.
-- and actually to your point.
Apple stores very often sell things at a higher price than what you get them online at -- yet people buy a lot of stuff apple stores why I'm fifty cousin.
And store offers more.
Yes -- every apple product you can buy at you know.
Best Buy it at Amazon and an ever so you don't pay taxes on right right and they discount every day.
Yet what is the most productive retail store and -- the apple retail store why is it.
There's a fundamental need to -- and people really want service.
So thank you get face -- help but -- -- -- I wanna on that if I get personal training I want and if they're gonna set -- the product before I leave the stores so I'm using my phone isn't locked out -- -- that.
They're logo looks a little bit like those calendar -- you -- here.
IPhone or Blackberry whatever why did you do that well with our new logo that we thought with the big change for -- in the in the company.
Is a perfect time to update -- identity.
Now you may see -- square.
We see -- -- An interesting about flames -- friend at the July.
And you're gonna see and JC Penney all of our marking that we frame the new things that matter you know things and -- -- life and so it's interest.
But it's also based on the calendar why is that.
Because we think if we get the customers don't want -- -- Whenever she wants and she has access to whatever merchandise at the right price and our best value.
We think she's gonna look back and by the way your catalog kind of mimics that doesn't know this new book.
And he has -- 96 page book it's gonna come out in your mailbox the first of every month.
-- retail it's the first them and you got to look forward to what JC -- operates in every pricing -- good for an entire month.
You have to line and at you know 8 in the morning traffic to our to -- -- to stop by whenever it's convenient for you.
Martha Stewart Living in it's.
Got a little school road bump -- there because of Macy's.
Trying to sue and saying that they had an exclusive with Martha Stewart their forces couldn't have -- would you -- she was here today that -- what's what's the latest on that.
Well I don't know I I can see road -- Because we're -- full.
On board to create -- Martha Stewart starts.
And I just can't wait to look at -- and do something soon and before.
In my career had the -- with the great people like Michael graves'.
And Steve Johnston the apple stores and Martha's one of those national treasures.
Who has so much knowledge about how to improve people's lives especially in their home.
-- the chance to work is gonna be unbelievably excited and it's still full speed ahead divulge what nations does full speed ahead council.
Ron Johnson when -- -- -- he's got this unique strategy JC -- by the way is up.
Seven and a half percent year over year while competitor Macy's is up 51%.
We will -- if his plan can help penny catch up but don't discount.
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