The first thought I had was, what does this mean for me? Am I going to walk into Dillards or Home Depot and tell them that I want another 30% off what I going to buy today? I need to find a list of all the places that are going to do this and then, I’m there.
Second, what does this do to the “brand” of these particular stores? Does it water it down? What do the loyal customers think about this? Maybe it is a good thing. Maybe not. I would offer that it is not a good thing. There has to be a way to move product and not lose the strength of your brand image. To me, haggling is what I do at the bazaar or flea market; not the established store that I respect. Though, I am still willing to take advantage of a hefty discount if it comes my way. (Can I have my cake and eat it too?)
I think that tough times calls for innovation. I don’t think that using the tactic of haggling is the best option.
How about doing something to gain more loyalty? Maybe offer those customers that frequent the store some kind of extended discount for coming in or some sort of financing to help them out right now.
What about bundling or un-bundling some of the products that you have and giving more value some how? Just an idea….something to think more about.
I think that there is a higher road to greater rewards. What and how to get there will take some more effort.