THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Wednesday, December 27, 1995 TAG: 9512270098
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
SOURCE: BY STEPHANIE STOUGHTON, STAFF WRITER
LENGTH: Medium: 77 lines
Shoppers made a beeline to stores Tuesday for the traditional post-Christmas Day sales, once again packing mall parking lots as they prepared to hunt for bargains and return unwanted gifts.
To make up for sluggish seasonal sales, Hampton Roads merchants lured shoppers with markdowns of up to 70 percent on seasonal clothing and holiday-related goods such as Christmas greeting cards and tree ornaments. At Greenbrier Mall in Chesapeake, shoppers crowded into stores like Lillian Vernon and Matthews Hallmark.
``People were waiting outside,'' said Donna Esslinger of Chesapeake, who sifted through offerings at the mall and a nearby strip shopping center.
But for shoppers like Esslinger, prices on many items had not been pared down as much as they had hoped. Emerging from shopping centers empty-handed, they planned to wait for even deeper discounts in January.
``I went shopping on Christmas Eve and today, and the prices were about the same,'' Esslinger said. ``I feel like I don't want it that badly. . . . I'll probably check back later.''
Department store chains and discounters are advertising their after-Christmas sales. But smaller stores often wait a few days before further markdowns, in part because they want to wait until most of the returned merchandise is back.
The latest markdowns at department stores, discounters and others come after previous reductions in the few days before Christmas Day. Before the holiday, nervous retailers began early discounts.
``Shoppers came in late - the last three days before Christmas,'' said Robert Roman, manager of Fine's Men's Shop in Norfolk's Military Circle Shopping Center. ``They waited for the sales. We did the markdowns and they finally came. We were a little apprehensive.''
The last-minute shopping was ``a savior,'' Roman said.
``I was looking at the figures this morning,'' he said. ``There was a little bit of an increase.''
Shoppers delayed their purchases in part because there was a full weekend before Christmas. They also expected that prices would plummet if they stalled.
But the waiting game is bad news for retailers, who hope to make much of their profits during the holiday season. The discounts eat away at those profit margins.
Already, analysts were predicting slim gains in retail sales over the holiday season. Rising debt levels, the economy's slow growth and corporate cutbacks made many consumers tighten their purse strings, retail analysts have said.
Even with a not-so-rosy picture, some merchants did better than others. Jewelry, computer and electronics retailers were expected to benefit from the popularity of their goods. Sears, which has pulled in stronger earnings this year, anticipated larger revenues for the holiday season, as did upscale chains like Saks Fifth Avenue.
Christy Rogers, manager of Plumb Gold jewelers at Virginia Beach's Lynnhaven Mall, said people were opening their wallets to spend more money on jewelry, particularly charms, bracelets and gold chains.
``We experienced a really good increase, especially last weekend,'' Rogers said.
Business at many Hampton Roads shopping centers began slowly Tuesday morning but had picked up by the afternoon. While some customers were scouring shelves and racks for discounts, others were engaged in another post-holiday tradition: returning or exchanging gifts such as odd-colored ties and ill-fitting sweaters.
Frank Newman of Virginia Beach stopped by a T.J. Maxx discount store to exchange a leather coat he had purchased for his girlfriend.
``She was like, `Oh, you're so sweet . . . but I didn't want this one,' '' Newman said. ``Then she said, `But I still love you baby.' '' ILLUSTRATION: Color photo by L. Todd Spencer
Customers visit the stores Tuesday at Norfolk's Military Circle
Shopping Center...
by CNB