December 4, 2004 08:01 AM
Worried Merchants Throw Discounts at Shoppers
Excerpt: America's merchants, shocked by a mediocre post-Thanksgiving weekend, are rushing to mark down their merchandise - way before the majority of holiday shoppers have even seen it.
Got a credit card ready? The markdowns have begun.
America's merchants, shocked by a mediocre post-Thanksgiving weekend, are rushing to mark down their merchandise - way before the majority of holiday shoppers have even seen it.
At the beginning of November, merchants had reduced prices on 5 percent fewer of their goods than last year, according to John D. Morris, a retail analyst with Harris Nesbitt who keeps an annual holiday markdown index. "There's been a complete about-face," he said yesterday, speaking from the Garden State Plaza mall in Paramus, N.J. "By the end of Sunday, markdowns were 5 percent higher than last year - and judging by what I see tonight, that figure is accelerating."
At the start of November, "everything was coming up roses," he added, "and suddenly there's a foul smell in the air."
After the numbers from Thanksgiving weekend were counted, retailers realized that shoppers bought only what was drastically discounted. "They didn't buy the whole store," said Burt Flickinger III, managing director of the Strategic Resource Group in New York. "Now, to stimulate the consumer, the stores must go broader and deeper." In the last few days, repeat shoppers at a wide variety of stores - from Restoration Hardware to J. C. Penney - have been deluged with e-mail messages offering friends-and-family coupons for as much as 40 percent off this weekend. Department stores like Lord & Taylor and Bloomingdale's are already running supersales, their racks dotted with signs proclaiming 20 to 40 percent discounts.
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