Stores Encourage Shopping in a Bad Economy
By: Margo Hutchinson and Alex Keller
For Retailers, this is the most important time of the year. Stores are organized and cleaned. Gift boxes are placed in the counters with care in hopes that shoppers will soon be there! It is that time of year! The time of joy and stress inducing holiday shopping! But with the latest talks of a shaky economy, will shoppers be knocking off some items or even a few people from their shopping list?
“I think the media builds up the issue with our economy too much, I haven’t seen a slow down at all this season” Store Manager of Kay Jewelers Mary Dillan explains. The National Retail Federation also believes that this holiday season is not feeling the economic pinch, at least so far. In a survey done after what many retailers like to call ‘Black Friday’ it seems that even more people are out and spending more. “More than 172 million shoppers visited stores and websites over Black Friday weekend, up from 147 million shoppers last year.” The NRF 2008 survey discovered. But not only does it appear that more people are out shopping during this time, but the stores are offering deals worth getting out of bed at 3 a.m. and facing the parking lots that have become a battleground.
Stores like J.C. Penny, are taking note of the frail economy. “They are being more aggressive this year with sales, coupons, door-busters, and more marketing.” Says Sales manager Andrew Glatfelter. “The majority is just sales, ad campaigns, and driving the prices down more.” Glatfelter continued. Many stores such as J.C. Pennys are lowering their prices to get customers to continue their holiday spending. And many retailers are remaining positive that sales will increase when it draws closer to Christmas time. Some shoppers such as Elizabeth Dalton seem to not let the economic downfall give her a ‘Blue Christmas’. “I wouldn’t say anything has changed this season for us.” Stated Dalton about her family shopping; “I walked to my car just a minute ago to drop off five bags.”
Executive Vice President of BIGresearch Phil Rist tells the NRF that retailers should not hold their breath. "Though retailers should be encouraged by strong traffic and sales over the weekend, consumers are still being cautious.” And Kentucky Retail Federation’s Jan Gould said in a press release that more shoppers are getting gifts that are more ‘permanent’ such as jewelry and electronics such as iPods and videos games.
It seems that many others are not really lacking in the flow of customers even the locally owned stores. For Snap boutique in Hyde Park, when asked by a customer if they have been extremely slow this season, the employee said that they have been quite busy. Another boutique in Hyde Park called Fetish was having a sale of 30%- 50% off of merchandise. And locals are even out supporting these local retailers and getting their word across to the other Cincinnati residents. For those who desire the best deals and like to shop at the local retailers BuyCincy.com is allowing Cincinnati locals to post blogs on their sites to inform other Cincinnatians about great local stores to find unique gifts. One blog entry talks about the unique stores that are in the Hyde Park community and another entry on the local shopping for those who live within or new the city of Cincinnati. But to shop at some of these store will must be willing to spend a little over $100.
But it seems that no matter the financial situations, the consumers are still willing to face the busy shopping malls and embrace the winter cold to make sure that there are gifts under their tree for their friends and family!
