RE: Promotions becoming the norm??19 Jan 2025 01:25
Promotions in retail and hospitality are quite normal you know, although personally I’d rather the business model of…. Sell more full price goods and the odd freebie to customers for being loyal, customers can get used to discounts, but they don’t normally get used to freebies.
If you look at Rituals (the shower jel / feel good kinda business) they rarely do promotions, but they have a rewards scheme where they offer you free gifts every so often, the difference is they have quite a good unique high end product.
Anyway, I can’t tell you who I work for, but I also work in retail for a large organisation, and we buy from small suppliers right thru to billion pound businesses, and we buy containers worth of stock from some suppliers, we add a minimum mark up of 2.5 on all our products meaning if we purchase the goods from suppliers at £1, we sell for £2.50 which is 150% mark up.
Which also then means we can half price a product and still make a gross profit, or a further reduction if required.
JD Sports sale is ending soon, so that’ll soo be wrapped up and the summer stock will start to arrive once everyone is done buying their new fitness / winter clothes!