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Wednesday, March 28, 2012

A variety of retailers make adjustments to their pricing strategies

Observation:   An article in today’s New York Times sheds light on the reasons behind pricing shake-ups at stores like JC Penney, Stein Mart and more.  Click here to see the story.

Implications:   Early in the story, this NY Times story righteously focuses on the new sense of control that consumers have over the way business is done.  (Unfortunately, the piece quickly devolves into speculation by pundits about whether the new pricing strategies of various stores will work.  Pundits won’t decide.  Consumers will.)  In an age where competitive shopping can be done before arriving at Store #1, the game has changed.

Of course, there are other ways to attract consumers, beyond price.  (Quality, selection, service, to name a few.)  But the essence of this story is about control:  What customers want and whether you’re delivering it.

Have you sat down for a heart-to-heart with your best customers lately?

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

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