I think the big story of Christmas will be this shift in consumer attitudes where people felt that stores gouged them with their pricing strategy. The 30 to 40 percent discounts this year instead of the 50 to 70 percent off last year will help profits but will hurt customer loyalty in the long term.
More Quotes from Britt Beemer:
I'm worried right now that we could have the first negative Christmas selling season in two decades,Britt Beemer
What's happens is retailers become known for certain things. You want to be known for some product category. You want to be known for a return policy.
Britt Beemer
Overall, the moderate-priced stores such as J.C. Penney, Sears and Wal-Mart had good traffic levels. We think luxury sales were probably flat this past weekend because more people said they decided to go away on vacation before Christmas this year than last year. So this could have impacted spending on other high-end items.
Britt Beemer
About 30 of people who got gift cards plan to use them this week. Many retailers are going to be putting out spring merchandise to get people excited about it.
Britt Beemer
High hotel rates that border on price gouging are the single biggest issue that I hear retailers complaining about, and they usually use the word 'abuse' in their complaint,
Britt Beemer
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