HOLIDAY SHOPPING
Black Friday strategies: Sales, layaway
One retailer says she plans deep discounts this weekend.
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Thursday, November 27, 2008
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With consumers spooked by soaring unemployment, sinking investment accounts and declining home values, price will help determine which retailers land the most sales.
"I think you're going to see extremely aggressive discounting on Black Friday," said Edward Fox, a marketing professor at Southern Methodist University in Texas.
Daina Levine, owner of JennaClaire Studio in Beavercreek, said she remains optimistic about the upcoming weekend and the holiday season in general. In September, she relocated from Centerville to a storefront at The Greene, and the heightened visibility already has resulted in more foot traffic, she said.
But she also is taking steps to drive shoppers to her store this weekend. On Black Friday, she plans to offer a 20 percent discount on custom orders, while on Saturday and Sunday she will offer a 15 percent discount on custom orders, she said.
The deals serve a dual purpose, Levine said. She hopes they will help her stay competitive. But she also wants to encourage people to buy custom products early so her crew has enough time to fabricate them, she said.
Analysts say retailers are taking other steps to pump up sales. They include:
Layaway: Some retailers such as Kmart have brought back layaway to entice customers back to the stores.
Beat the rush: Others, such as Meijer, have decided to get a jump on Black Friday by offering deep discounts on Thanksgiving Day.
Inventory controls: Retailers this year are trying to get the right merchandise mix, stocking as much of the most popular items as possible while avoiding excess amounts of slow-selling products.
Industry observers have forecast sales growth for the holiday season of between 1 percent and 2 percent compared to last year. Jeff Green, a retail analyst from Mill Valley, Calif., said he looks for seasonal sales to decline 3 percent this year.
"Fox, on the other hand, said holiday sales tend to be more resilient in down economies because shoppers are more willing to spend on others than buy extras for themselves.
Contact this reporter at (937) 225-7317 or
ttresslar@DaytonDailyNews.com.
