Retailers, consumers and prices
With retailers worried over the prospects for the holiday season (The Commerce Department said on Friday that retail sales slumped 2.8 percent in October — the largest decline since the department’s current methodology was adopted in 1992), they are expanding their definition of friends and family.
While “Friend & Family” sales used to be special events actually reserved for the friends and family members of a retailer’s employees, today it takes little more than an e-mail address to be considered a retailer’s friend.
Right now, Gap (seen in picture above) is touting its “Friend and Family” sale. The event began yesterday and offers shoppers 30 percent off in its Gap, Gap Outlet, Banana Republic, Banana Republic Factory Stores, and Old Navy stores. The sale ends Nov 16.
Meanwhile, Restoration Hardware is also holding a “Friends and Family Event” offering 20 percent off everything from Nov 13-16. Soma Intimates by Chico’s is touting 25 percent off “absolutely everything” for its friends and family this weekend.