By Christina Cheddar Berk, News Editor NEW YORK ( CNBC) -- Even as hedge fund manager Bill Ackman continues to trumpet that he believes that JCPenney ( JCP) has the right strategy to turn its business around, reports are circulating that the retailer may be backing off its pricing strategy. In January, JCPenney's new CEO Ron Johnson said he wanted to reinvent the department store as the place shoppers can go to for "fair and square" pricing, but as the retailer's poor first-quarter earnings showed, the company is far from reinvigorating its sales. Now the company appears to be backpedaling from its nonpromotional stance. Deutsche Bank analyst Charles Grom said the company has added five "Best Price Friday" events to its calendar. The first took place this past weekend ahead of the highly promotional Memorial Day weekend, and another is slated for Black Friday in November. Others may occur at peak sales times such as during the back-to-school season, according to Grom.
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Retailers have long used sales and other promotions to drive shoppers into the store. The challenge retailers have when the number of promotions are reduced is finding a way to create excitement and get consumers to shop without these sales events. Ackman told CNBC that there are new products coming to JCPenney later this year that will help bring in new shoppers. A JCPenney spokeswoman wasn't immediately available for comment. -- Written by Christina Cheddar Berk at CNBC