Thu, December 23, 2010
The retailers that succeeded in the holidays did so with sales promotions, customer service and online deals.
It's been a holiday season filled with cheer for some retailers - while others haven't had such a merry selling season. The key to winning customers this year is pricing and knowing your customer, according to Rick Kash, President & CEO of strategy consulting company The Cambridge Group and author of "How Companies Win". Kash says Macy's is one of the retailers that did well, despite the shaky economic environment.
"Macy's did very well this year and that's largely because they changed their merchandising model. They went from having one merchandising plant to recognizing that different people live in different communities shop in different stores, what we call the demand chain. They have organized their merchandise to better appeal to local and neighborhood tastes and preferences."
Kash says discount warehouse retailers including Costco and Sam's Club did very well. And some of the luxury retailers including Saks, performed well during the holiday season. Luxury shopping was strong and the high-end stores targeted high-profit shoppers with promotions. Marian Goodman, VP of Personal Shopping at Bloomingdales says discerning shoppers are back.
"I think what's really great this season is that people are enjoying shopping and I think to me is one of the most important trends we see out there these days. I think people are appreciating quality in what they are buying."
The countdown to Christmas is here, with just days left for those procrastinating shoppers to finish their shopping lists - while retailers are left hoping to keep hearing the sound - of ringing registers.
Jill Bennett, Reuters
