Blog: Value is in style
Leonie Barrie | 25 February 2010
“Regardless of whether the economy is weak or strong, value isn’t going out of style,” The TJX Companies’ CEO Carol Meyrowitz told analysts yesterday.
But her comments, intended to reassure investors that the off-price retailer’s new-found shoppers aren’t going to desert its stores now that the economy seems to be in rebound, will also have struck a chord at the other end of the retail spectrum.
Stephen I Sadove, chairman and CEO of upscale department store retailer Saks Inc, separately told analysts its customers want “service and differentiated products with value” – and that it intends to offer them more designer products at lower prices.
But there’s a big difference between “value” and “value for money” – and it’s the latter that will be key going forward.
Shoppers of the future might be prepared to pay a little bit more for a garment, but they’ll only buy one rather than several of the cheapest versions. And that’s what retailers will have to contend with this year – meaning they’ll have to work a bit harder to secure growth.
Increasing competition for garment sourcing contracts is seeing China not only being challenged by other countries in Asia, but by sub-Saharan African and even Russian suppliers too. And it is pushing...
The monthly minimum wage for workers in Cambodia's textile, garment and footwear sector is set to rise to $153 from January next year, following a vote on the issue last week. The increase marks a ris...
The results of two highly-anticipated initiatives in the sportswear sphere were revealed last week: the launch of Under Armour’s new UAS lifestyle brand and the first pair of running shoes created at ...
The recent bankruptcy of South Korea's Hanjin Shipping, the world's seventh-largest container shipper, at the end of August, has left billions of dollars worth of merchandise in limbo, leaving the fal...
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