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Wednesday, January 07, 2009
We headed over to JCPenney's tonight after dinner to pick up some clothes. EVERYTHING was on sale. I am not talking about a little bit, I mean big SALE.
Most everything in the store was 70% off.
This sale brought on quite the discussion!!
My grandfather stated that JCPenney's might be hurting themselves offering so many of their products at 70% off. Customers will begin to expect those prices all the time.
My grandmother (with her 40 years of working at Penney's experience) explained,
"Penney's brings merchandise in and they get it out. They are clearing out inventory for spring. They have always done that. If they have to drop the prices down by 70% to move it, that is what they will do. Sears does not do this, they actually hold onto the product hoping to sell it at the higher price."
I love my grandparents. They both retired after working over 40 years in retail sales. My grandmother was one of the first female managers at JCPenney's!! So they know what they are talking about and we have some really great discussions!
This entire conversation had me thinking...
I can understand with this economy making sure to move the inventory. You certainly do not want to be stuck with it, but at what cost? Are you hurting yourself down the road by creating a fire sale now?
How does this affect the smaller retailer stores and the ecommerce store owners?
Are we just creating a panic pricing mode that will last far longer than any business can survive on?
Look at how many retail chain stores are filing bankruptcy and/or going out of business today.
What will tomorrow be like?
by: Shawna Seigel
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