Jan 8, 2009 7:03 pm US/Eastern
Massive Sales Continue, Even On Spring Merchandise
NEW YORK (CBS) ―
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Christmas may be over, but holiday prices for shoppers continue, even for many spring-line products! (File)
Brendan Hoffman/Getty Images
New retail figures out Thursday confirm holiday sales were as dismal as predicted. But as CBS 2's Consumer Reporter Kirstin Cole explains, this bad news for retailers adds up to big savings for shoppers, even on new spring merchandise that's hitting the shelves now.
The sale signs in the windows tell a depressing tale for retailers – up to 90 percent off at some stores! But for customers, it's a different story. Many are taking advantage of stores that are looking to get rid of merchandise.
And it's not just on the Christmas clearance items. Experts say some retailers are even slashing prices on early spring merchandise.
"When you look at how retailers are going to analyze 2009, what they really are going to be doing is change the rules for which they operate," said Marshal Cohen a retail analyst with the NPD Group.
Great savings on new spring fashions can be found anywhere from major retailers like the Gap and Ann Taylor. Many stores like Old Navy are trying to entice shoppers with special half-price deals if you buy two or more of the new merchandise.
"The majority of consumers today are saying if it's not half-off or more I'm not even thinking about buying it," said Cohen.
Cohen says the earlier than usual spring sales are meant to persuade skittish shoppers to buy new styles now.
"Frankly when the weather is this cold nobody is thinking about lightweight cotton sweaters," he said.
Other stores offering great deals on new goods: Wal-Mart is cutting prices on certain exercise equipment; Bebe clothing stores are lowering prices on everything from new jewelry to tops; and the popular denim maker Rock & Republic is producing a "Recession Collection"of jeans for $50 less than the label's normal price.
By slashing prices on select spring merchandise now, many retailers are simply trying to capitalize on all the crowds flocking to the winter clearance sales, fearing this busy traffic will fall sharply after this month.
Another reason spring merchandise is going on sale so early? Experts say now that consumers are used to shopping the sales racks, it's difficult to lure them back to buying full price.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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