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Retailers Abercrombie, Banana Republic, Hollister jump on price-cut bandwagon

In the apparel industry's attempts to wean shoppers off a "wait-for-a-sale" mentality, some more holdouts tossed in their price tags.

The latest to say they will drop entry-level prices 20 percent or more are Ann Taylor, Gap, Banana Republic, Abercrombie & Fitch, abercrombie and Hollister. Saks Fifth Avenue is bringing back store brands after a decade in mothballs. Gap hopes to counter $150-to-$200 premium jeans shops with its $54-to-$59 version of premium denim.

"The driving force behind our (sticking with higher) pricing has been fashion, quality and the aspirational" nature of customers, said Michael Jeffries , chief executive of Abercrombie & Fitch, promising sharper full-prices on basic items after quarterly sales dropped 30 percent. "But price that drives traffic has become more of an objective for us more than ever."

Retailers Abercrombie, Banana Republic, Hollister jump on price-cut bandwagon 08/25/09 [Last modified: Tuesday, August 25, 2009 11:50am]
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