Pricing wars & pricing matching
Long Island, NY (WABC) -- With the slumping economy and consumers holding back on their spending- stores are hungry for your business.
Shopper Emil Moller says, "This is just for the kids. And some gifts for friends. Sneakers and a hoodie. Great prices."
Not you shoppers, retailers are sprinting to the finish line.
Hofstra University professor Barry Berman says, "There's going to be a major major battle for market share."
Berman added, "The customer is not in the mood to shop. A lot of discretionary spending is out the door. And Walmart is going to take charge."
Professor Berman says the world's largest retailer is sparking up a price war that's a dream for shoppers but a nightmare for competitors.
Berman said, "Probably a traditional store can compete in two ways. The first, be much more selective in the merchandise they pick. So, in this poorer economy focus on the 15 dollar, 20 to 25 dollar item instead of 100 dollar gift items. And the second traditional way, is customer service."
That approach will face big box store's steep competition.
Target and Walmart have big deals this coming Black Friday.
From electonics: like a "Tom Tom" GPS for 59 dollars at Walmart, and a $39 Polaroid camcorder at Target.
To apparel: like kids clothes as low as $3 at Walmart, and boys and girls sleep sets for $5.
A $7.50 Target reversible vest compared to a reversible fleece jacket for $7 at Walmart.
Plus, $4 home appliances at Walmart and $9 vacuum cleaners.
They are deals some shoppers say you can't pass up.
Shopper Tyisha Forbes says, "I went to a Coach store at Woodbury Common. I paid 40 dollars for a purse."
That's normally about $200.
Shopper Marcela Blanco says "I don't believe in Black Friday. I think there's always a sale. You just have to know when to go and where to go."
Experts say where ever and when ever you go, remember stores will match prices, but may not match web prices: "Shop very carefully. Search for the web. Look at alternatives products that you normally that you wouldn't buy or retailers you normally wouldn't go to. Ask other retailers especially smaller ones "can you do better."
saving money, holiday shopping, consumer news, carolina leid
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