J.C. Penney Company Inc. (NYSE:JCP), run by Apple Inc.'s former retail chief, is permanently marking down all of its merchandise by at least 40 percent so that shoppers no longer have to wait for a sale to get the best bargain.

The three-tiered plan, beginning Feb. 1, will offer Every Day low pricing daily; monthly deals on certain merchandise called Monthly Value; and clearance deals called Best Price.

We are going to rethink every aspect of our business and boldly pursue change, Chief Executive Officer Ron Johnson told analysts Wednesday in New York at his first public presentation heading J.C. Penney.

The customer knows the right price, and to think you can fool a customer is kind of crazy, Johnson said.

J.C. Penney will also revamp its more than 1,100 locations over the next several years, bringing in brands like home goods icon Martha Stewart and fashion designer Nanette Lepore.

The retailer's sales performance in recent years has lagged that of Macy's Inc. (NYSE:M) and Kohl's Corporation (NYSE:KSS) - both of which have already accelerated their store facelifts.

The store changes will take until 2015 to complete. Shares of J.C. Penney fell 0.95 percent to close at $34.27 in Wednesday trading.