OCR Text |
Show J. C. Penney Reprice Goods In Their 14: 50 Stores Material reductions in the base prices of a wide variety of articles have resulted in a general re-pricing of these items by our 1450 stores, with the new levels representing a substantial increase in the customer's buying power, according to a statement state-ment released here today by Earl C. Sams, President of J. C- Penney Company. "Commodity prices, particularly in staple lines, have been declining for some time past," Mr. Sams states, and orders noV being delivered to our stores are on a lower basis enabling enabl-ing us to pass on the consequent savings sav-ings to our customers. "There have been notable reductions reduc-tions so far in silk piece goods, silk hosiery and other items which have been affected by the general decline in the price of raw silk. Among these are flat crepes, georgettes, satin crepes and other silks which show very substantial reductions. Some of our own well known brands of silk hosiery are today priced lower than at any time since the War. "In men's and boys' work clothes equivalent reductions have been made by the manufacturers and these reductions re-ductions are today reflected in the price tags on these items in our stores. stor-es. "A trend towards lower prices has been indicated by leaders in other industries and has been given considerable consid-erable attention in trade and business busi-ness magazines during th2 past month. "In making these new low retail prices we feel we are bridging the gap between the new lower wholesale prices and the prices to the consuming consum-ing public and are therefore contributing contri-buting directly to the re-establishment of greater confidence both by the manufacturer and by the buying public. j "We are making tnese new prices available immediately. "As a result of generally lowered prices on raw materials, we have been able either to reduce the selling-price selling-price on much staple merchandise or to give to our customers better articles artic-les at the same prices. "This readjustment in prices throughout our stores is a direct result re-sult of savings passed on from the mills and manufacturers, and now made available to our customers throughout the country." |