Just this week Business Week came out with an article called “The Hard Sell” showing that, basically, retailers turning the corner on 2009 into 2010 are all over the place on their strategies regarding what they will sell and what they will sell it for. According to Jena McGregor, Businessweek reporter, it may be up to 15 years before we see times like we saw a before this last big economic bubble burst. Here is a quick overview of how retail leaders are getting creative:
CEO Myron E. Ullman III from JC Penney – Holding back about 60% of inventory . . . far more than just the 20% held back last year.
CEO Kip Tindell from Container Store – Cut prices in his store across the board by 16% this year.
CEO Steve Sadove from Saks – Hesitant to cut prices but has done so by using different fabrics to lower costs.
CMO Barry Judge from Best Buy – extending their offerings to include things like “electric cars.”
CEO Gary Friedman from Restoration Hardware – Actually raising prices on some great new designs in furniture.
So with everything and anything going out there what do you think? What do you think retailers should do?