My grandma is going to be so disappointed.

In a presentation to investors this week, J.C. Penney announced they’d be doing away with the sales, coupons, and deep discount savings my grandmother so proudly details after her latest shopping trip to the stalwart department store.

Starting February 1st, the store’s merchandise will be permanently marked down by at least 40% to a new “everyday low price.” There will still be sales – but they’ll only be held twice a month, and only on select items.

While the notion of an everyday low price may smack of Wal-Mart, the move isn’t about undercutting competitors but rather about offering customers a more consistent shopping experience – one without fear of the dreaded, “If I buy this today, am I going to kick myself when it goes on sale tomorrow?” syndrome. As a new tv ad for the retailer promised: “No couponing, no discounting. Just fair prices.”

With the adoption of this new “predictable pricing” strategy, the company hopes to loosen the death grip shoppers have on their coupons and sale-tracking. If anyone’s up to the daunting task of revolutionizing the way consumers shop,  it’s new CEO, Ron Johnson.

You might not know his name, but you’ve definitely admired his handiwork – Johnson helped launch Apple’s retail stores. And before his stint at Apple, he helped Target forge its cheap-but-good (or, “mass prestige”) formula. So the guy’s got chops.

There are other updates, like  showcasing trends in an “experiential” way, a more edited inventory, and something called a “Town Hall” that hasn’t fully been explained yet.

What do you think of J.C. Penney’s plans? Do you wait for sales? Make a point of always paying retail? Will you appreciate this “fair and square” pricing strategy? How do you think my grandma’s going to take the news?

(image via DailyFinance)