RETAIL BARGAINS SELLING OUT PRICE CUTS WERE DEEP PRIOR TO CHRISTMAS.Byline: Brent Hopkins Staff Writer With discounts already ridiculously high and inventories lower than in past years, economists are predicting a shorter, less-splashy post-Christmas sale season. Prices are already so low at most stores that major retailers can likely go no lower. ``I don't think they can top it,'' said Aubie Goldenberg, a partner with Ernst & Young's Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. office. ``At Bloomingdale's, the after- Christmas sale is the same as the promotion they're already running, because there's not enough room to go down on most things. When things are already 60 percent off, how much more can you go down?'' His query rings heavy on the minds of experts who have scrutinized chains' performance with an extra watchful watch·ful adj. 1. Closely observant or alert; vigilant: kept a watchful eye on the clock. See Synonyms at aware, careful. 2. Archaic Not sleeping; awake. eye this year. ``That's the million-dollar question,'' said Jack Kyser, chief economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the for the Los Angeles County Economic Development Corp. ``Some stores already have 75 percent off, which means they're selling at a loss. The day after Christmas, they'll probably just hold on (to current discounts). What are you going to do? Unless you're totally despondent de·spon·dent adj. Feeling or expressing despondency; dejected. de·spon  dent·ly adv. , you'll probably just hold
the line.''
Million-dollar question is right. With discounts cutting so heavily into the bottom line and sales depressed in the face of a waning economy and shaky consumer confidence, Kyser says this could be a year of reckoning for many big chains. Already on the way out are HomeLife and House 2 Home. If a major retailer were to file for Chapter 11 bankruptcy, the repercussions repercussions npl → répercussions fpl repercussions npl → Auswirkungen pl would go far beyond the sector, affecting cities' sales tax sales tax, levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. receipts, real estate values and manufacturers' output. Though there's no shortage of big discounts this year, they likely won't last as long, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Richard Giss, a partner with Deloitte & Touche's Los Angeles office. Mindful that shoppers would be reining in discretionary spending this year, most chains kept inventories relatively light, minimizing the need to clear out leftovers. ``You're seeing an awful lot of retailers running short on merchandise, so you won't see as long sales as in other years,'' he said. ``You'll still have the sales, but without as much merchandise or selection. The smart shoppers will be there early, because the material will be gone very quickly.'' |
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