Click to play videoMumbai: The festival season is here, and retailers are gearing up to out do each other and grab a bigger bite of the pie. But discounts might be out this Diwali.
Retailers call Diwali 'the best buying season'. Sales jump between 25-40 per cent in the run-up to the celebrations.
Globus VP operations Manohar Kamath says, “From September to December, we do about 30–40 per cent of our total sales in this period. So festive really means a lot to us.”
Last year, just 12 days of November saw as much as 80 per cent of retail sales. And to ensure you load your shopping carts this year, companies will put their best deals forward.
There will be gifts to be won – customers will be lured with cars and plane tickets, but not with discounts. Discounting, retailers say, will stop by the end of September, when the fashion-cycle ends. And why not, after all, Goddess Laxmi is at her generous best during Diwali.
Shopper's Stop CEO Govind Shrikhande says, “On the same stocking method you churn out higher speed of sales at this time. In fact we are most happy during this season because on a lower stock you do higher turnovers.”
So your clothes won't be any cheaper this Diwali. But retailers will ensure that you get all the excitement of festive shopping. It's one way to loosen your purse strings.
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