Q: I read your advice saying not to promote too heavily this holiday season, but can you give us more guidance on what you recommend?
I see some bigger retailers already starting their Black Friday promotions, and I’m feeling the pressure to start triggering some deeper markdowns. Thanks.
Steve Pruitt: I would continue to hold off on markdowns at this point. Yes, you’re correct that big box merchants have gone from Black Friday to Black November. But, these are not specialty stores, and they are absolutely not designer stores.
When we ask merchants about discounting the answer is always the same: markdowns are not driving traffic. There is one exception, and that is at 70 percent off. But at 70 percent off, you’re not making any money. So be cool, sell what you stand for, which is service and quality.
Most specialty stores don’t plan on taking markdowns until after Christmas. Remember when I was talking about realigning seasons a few months ago? Do it now if you haven’t already!
Note: MR-Mag.com collects promotional fees from site experts.