I shop a lot, which has developed a rhythm. I scout the coming season, watch for sales and “mark downs” in the current season, look for way off season at a bargain price, and generally keep my eyes open. What do I look for? Garments that are quintessential, because in truth, I need nothing. By all standards, my closets are full, and I have most of the available hanging space in the house. However, when style is your business, dressing others for their message is your purpose, and dressing for the day you want, there can never be too many options. Living in the California climate is also a supreme advantage as you can wear most garments year round by layering and pairing cleverly.
The other day I was in one of my favorite stores to “scout,” Anthropology. Most of the garments are not necessarily my Style, but interestingly enough, several pieces each season catch my eye at Full price. Full price is the retail sell price, including all markups. Wholesale +++. Typically, I beeline it for the markdown room hoping one or more of the items I had my eye on are now reduced. Meaning the price is discounted from full retail and the cost is in red ink, kind of waving the red cape in front of the bull.
This day, it was double score as there was an additional 40% mark down. The blouse I had my eye on was in this state. Originally $148, marked down to $79.99 plus an additional 40% off – great deal, right? It gets better! There were a couple of what looked like grease stains on the sleeve – ugh. I asked the sales person if she thought they would launder out… not sure if they would, she volunteered another 10% off. So now my $148 fabulous, by the way, blouse would be $39.99 a full third of the original retail price tag. That’s what I call value.
Why do retailers mark down? Marking prices down helps move inventory. That’s for me and probably quite a few of you savvy shoppers reading this article.
To understand Markdowns, you also need to understand Markups and Margins. These are the M&M&M’s. In retail, this trio of M’s stands for Markdowns, Markups, and Margins.
- Markdown: a markdown is a devaluation of a product. It’s an attempt to sell something at a lower price than originally planned due to it not selling. Which is where I come in. Most times as my taste is eclectic and not exactly mainstream, so slow moving items are often right up my fashion alley. This may be because a store bought too many, an industry trend didn’t live up to expectations, or a product has a sizing issue or other defects that limited its sales.
- Markup: a markup is the difference between the wholesale cost of a good and its final selling price.
- Margins: margins are also commonly referred to as gross margins as they measure the relationship between the costs the retailer pays and the price they charge their customers.
Arm yourself with this knowledge and start shopping like a “pro.” You too can score a fabulous wardrobe at a fraction of the price. By the way, my girlfriend gave me this amazing soap with the promise of it taking out every stain known to mankind… grease spots gone… just saying.
Be well, Be Stylish, Be Happy and Glow with me,
Bobbie