Low prices have killed brand loyalty.
The marketplace is not encouraging for some of America's oldest brands, according to Darlene Quinn. a former senior executive with the Bullocks Wilshire department store chain, who understands the inner workings of the fashion retail industry as well as she does consumer trends.
"Some of our most recognized and best-loved brands are falling victim to an economy in which price is the paramount concern for consumers," says Quinn, author of Webs of Fate, a novel about the retail fashion industry. "We've ended the era of the brand-loyal consumer, and entered the age of low prices."
Quinn's contention is that major national brands and some regional brands soon will watch their final sunsets as the hunt for low prices now outweighs old-fashioned consumer brand loyalty.
"Brand loyalty used to mean something in the retail business. We are now hardwired to look at paying less than full price. The status symbol has become, 'How much did you save?' Although there are many of us who are less than happy with the outcome and who are willing to pay more for quality and service, it will take a long time, if ever, for a reversal. With the economic outlook starting to dim again, I don't see it happening."
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|Publication:||USA Today (Magazine)|
|Article Type:||Brief article|
|Date:||Dec 1, 2011|
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