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Garment retailers take desperate steps to lure consumers

17
Nov '08
Impact of global recession is clearly apparent in Vietnam, as not only the manufacturers and exporters are suffering but also the retailers.

It has been noted that with slowdown in economy, even the leading retailers in the US are struggling to make profits. It seems that this trend has now spread to other countries as well, including Vietnam.

Sources inform that garment and fashion retailers are coming up with schemes and trying to attract consumers. Many are offering discounts as high as 30 to 70 percent.

However, even these desperate measures have failed to lure customers.

Insiders reveal that shirts from renowned local brands are now ranging between just VND70,000 and VND120,000 or $4.20 and $7.20.

Thus, retailers are facing the problem of high inventories, even as new designs are being broght in.

Official data shows that not only have the garment companies not met their growth target of 20-25 percent for this year, many have even registered a loss of around 20 percent.

Experts explain that there is lack of liquidity among the consumers and the prices have been rising continuously, thus, they are now concentrating on purchasing essentials.

Traders are hoping that with the approaching holiday season, the sale would pick up. Nevertheless, anticipating weaker buyer enthusiasm, the companies have lowered production and retailers are placing smaller orders.


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