JC Penney has unveiled a transformation strategy under which it will overhaul its pricing, merchandise and presentation.

The department store group plans to update its entire store portfolio by 2015. Under the retailer’s new ‘Fair and Square’ pricing initiative tiered pricing consisting of ‘Everyday’ regular prices will be introduced, ‘Month-Long Values’ promotional pricing on items customers need straightaway and ‘Best Prices’, the retailer’s lowest prices, which will change on the first and third Friday of every month. JC Penney will run 12 promotional events each year for its ‘Month-Long Values’ based on a calendar-focused assortment, and intends to reinvent the store experience to introduce ‘Main Street’, the entire store merchandised in a series of 80 to 100 brand shops with a ‘Town Square’ at the centre.