Dangers of Price Cutting
Anyone who's heard my show or seen me speak knows how I feel about cutting price. Here's yet another example that demonstrates dropping your price just isn't worth it! Looks like this retailer took price cutting a little too far.
Would-be bargain-hunters in London suffered heat exhaustion as a crowd of thousands forced a flagship IKEA superstore to close on opening night. Up to 6,000 people flocked to the opening of the store, which was touting cut-price offers throughout the 24-hour opening, including a leather sofa for £35 ($65) until 3 a.m. The company had expected 2,000 customers. Think any of them will return? Maybe when they're out of the hospital! Ikea Opening
posted by Mark Deo at 9:33 PM
1 Comments:
I waited in line 4 hours the day after Thanksgiving at Fry's for a "sale" they had. After finally getting in the store, not only were they sold out of the item I wanted, (even though I lined up 2 hours before they opened!) the line to buy anything else in the store was clocking in at 2 hours, so I wasn't going to wait that long for something that wasn't even the item I wanted in the first place. I used to go to Fry's and make purchases at least once a month, I've only been back once, and have started buying most of the supplies I used to purchase there elsewhere. These sales rarely work even for the big guys. Better to stick with establishing a lasting customer relationship than going for the quick buck.
-Matt Walker
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