Retailers are responding to the slowing economy by offering bargains as seldom seen before Christmas in the past.
Shoppers are finding good buys as retailers offer deep discounts earlier than ever. The responses to expectations that consumers will be visiting the stores where they will be looking for their best bargains are prompting mark downs on even the best labels and products.
Retailers Ready to Cut Prices
In a survey of 1000 people early in November 2008, America's Research Group found that nearly half of respondents who said they had shopped at luxury stores in past Christmas seasons say they won't be shopping at those stores this year. This could mean that more merchandise could be headed to off-price, online discounters and outlet stores. Industry watchers expect a very weak buying season and so the selection of apparel, accessories and electronics at bargain prices will begin early.
Stores to Watch While Bargain Hunting
The list of retailers expected to cut prices to the bone varies from discounters to upscale luxury establishments. Jeffinfer Saranow and Christopher Lawton (Wall Street Journal 11/13/08) began surveying the stores in early November and saw a trend emerging.
- Overstock is offering items at 15% to 45% off retail prices. Brands such as Yves Saint Laurent, Prada, Gucchie, and Jimmy Choo among them.
- Retail Ventures Inc's DSW stores are offering 75% discounts on shoes from Ralph Lauren and Sergio Rossie.
- Ross stores have increased their stock of better merchandise including some brands they have never carried before.
- Stein Mart now has a premium jeans section in all its stores for the name-brand jeans that are discounted.
Shopping at Off-Price Stores
Sorting through items on crammed racks or counters with mark downs is not easy and takes a lot of patience. Some of the merchandise may be damaged so every item needs to be looked at carefully for damages. Also, these are often scattered around the store in hopes that buyers will be drawn to other items at the usual prices.
Shopping Online
Online shopping also offers discounted merchandise, everything from apparel to hand held electronics, MP3 players, smart phones and portable DVD players that can be found, some of which have been returned from big-box stores. Sites such as eBay, Amazon's Dyscern LLC and TigerDirect have to be acted on quickly as some items sell out in 24 hours or less.
The drop in consumer spending is creating a glut of name brands so that bargain hunting Christmas gift buyers have a wider choice than in times past. More and better brands will be offerred in all categories of merchandise. There is no doubt that shopping during this Christmas season will turn out to be a good time to take advantage of the best discounts seen in years.
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