New York—Amid third quarter earnings seasons, everyone seems to be scrambling to figure out what’s going on at retail and how it will influence crucial holiday selling.
While consumer study after study seem to indicate that more shoppers will be lured into doorbuster sales for Black Friday (or Cyber Monday), the big lure is likely promotional and/or discount prices, motivated by 40 to 50% off.
Price Off Promotions
Losses mounted at several struggling retailers. Although JCPenney’s quarterly loss was greater, much of it could be attributed to clearing out merchandise brought in under the disastrous Ron Johnson regime. Executives say sales have turned around, a fact that should be evident in fourth quarter. Sears’ losses mounted, too, as did those at Abercrombie & Fifth which has found itself falling out of favor with the teen market.
Barneys New York hopes to have turned the page on alleged racial profiling incidents that tarnished the luxury retailer’s reputation. Fortunately guest celebrity collaborator, Jay Z, is standing by and garnered even more support for his charitable foundation as a result.
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