Saks is trying to re-educate the shoppers accustomed to high-end bargains2
According to the New York Post , Saks Fifth Avenue is moving toward a no-discount strategy this holiday season. This seems to be the result of designers complaining about their dramatic price slashing move last October (after Wall Street signaled crisis, Saks immediately reacted by slashing prices 40% across the stores; discounts picked at 80% around the holidays).
While those were great times for our readers at TVC, they weren’t so good for designers and the Saks investors as they lost money every time somebody bought something. The New York Post uncovered this “In response, Saks CEO Sadove and other top brass have been making an unusual round of personal visits to fashion labels’ offices and showrooms, urging a return to a “full-price mentality” that emphasizes fewer items at a higher level of quality, as one source put it. “They’re out there preaching the gospel of full prices and anonymity.”
However, Saks is not the only player and with Neiman Marcus on one side, and the numerous private online sites on the other, one wonders if Saks’ CEO, Steve Sadove really made the right decision and we can be re-educated.
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