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."