Local brands go for huge discounts to clear stocks
Although traders usually consider Eid as the prime time of businesses, this time, they are in a race to clear old stocks and meet operating expenses
Infinity, one of the country's leading lifestyle brands, is now offering huge discounts on various products. The brand is giving 50 percent off on old outfits and up to 20 percent on new ones.
The company is also selling shoes, jewellery, cosmetics and other fashion products at different discounted rates.
Infinity officials said they have never offered such big discounts on all types of products, including those that have only arrived recently.
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Afsar Uddin, manager of Infinity Mega Mall at the Bashundhara Shopping Mall, told The Business Standard, "Our priority now is to clear stocks rather than making profits."
Many retailers are dangling more discounts than usual to attract customers after their businesses opened up again with the end of the 66-day shutdown. Although traders usually consider Eid as the prime time of businesses, this time, they are in a race to clear old stocks and meet operating expenses.
Almost all brands such as Bata, Apex, Lotto, Gentle Park, Yellow, Cats Eye, Menz Club, Sony Rangs, Vision, Otobi, Best Buy and so on are giving markdowns ranging from 10 to 70 percent, depending on products and designs.
The brands are also selling products on equal monthly instalments (EMI) and online at special discounts.
Although the government allowed shops, markets and shopping malls to reopen from May 10, there was a feeble response from consumers. The authorities of large shopping malls had decided to keep those closed until the coronavirus situation improved despite the permission to open.
Helal Uddin, president of the Bangladesh Shop Owners Association, said many retailers are selling products at losses only to clear inventory that had been sitting in closed stores during the shutdown and to cover operating costs.
"At the moment, businesses prioritise only survival. So, they are selling products only to get by capital they invested. Some are selling at losses to cover the costs," he added.
Discounts galore on clothing items
While visiting different markets in Dhaka, it was seen that clothes are selling with the highest discount till now.
Most retail brands are offering bigger discounts than Infinity's on boy's punjabi, polo t-shirts, graphics t-shirts, business formal and casual shirts.
Markdowns are also available on various trendy kurtis for girls, ethnic three-pieces, fusion tops, girl children's t-shirts, polo t-shirts, frocks and tops.
Gentle Park, one of the country's leading clothing brands, is giving 70 percent off on everything to arrange money to pay showroom rent and employees' salaries.
Another fashion brand Sailor has also begun its monsoon sales offer. The brand is giving 30-50 percent off on all products. Rang Bangladesh is selling all the products at a half-price offer.
Domestic big brands such as Menz Club, Richman, Trends, Lubna and several others are selling products with 50 percent discount.
Cats Eye is giving 40 percent off on all products on the occasion of its 40th anniversary. A few brands including Oxygen and Red Origin are offering similar discounts.
Arifur Rahman, a sales officer at Cats Eye's Bashundhara branch, said, "The factory is producing new products. Special discounts have been given on all old products to meet showroom and factory costs. Perking up consumer sentiments is also one of the reasons for this discount."
Discounts on Bata, Apex
Bata and Apex, the most prominent names of shoes and sandals in the country, have given huge discounts on different models ahead of the upcoming Eid-ul-Azha. Bata is attracting buyers and visitors with discounts of up to 70 percent on most models.
Apex Footwear, on the other hand, is offering double deals on their specific models. Buyers are getting another product and cashback if they buy a pair of shoes under this deal.
Under this offer, more than 50 percent discount is being offered on some products, said Rajib, a cashier from Apex's Bashundhara outlet.
He said, "In normal times, their daily sales amounted to around Tk25 lakh, but it is now less than Tk10 lakh. As a result, there is no other way but to give discounts. "
Italian brand Lotto is offering up to 20 percent discount. Lotto shoes, sandals and other clothing are being offered at 10-15 percent more discounts on bill payments on EMI and through credit cards.
Md Khokon, Lotto's Bashundhara outlet manager, told The Business Standard, "We are now only getting 25-30 percent customers compared to that in the pre-pandemic period. We have huge stocks lying unsold. Therefore, we are giving discounts. However, online sales are going pretty good. "
Money off on electronics products
Although retail sales of electronic items are slightly higher than those of other products, there are still discounts on such products. Rangs is selling all of their refrigerators with discounts of up to 30-62 percent.
Samsung, one of the big brands, is offering cash back up to 20-40 percent on refrigerators and air conditioners. Jamuna Electronics is giving 20-50 percent discounts on all of their products.
Minister and Vision refrigerators are giving a flat 20 percent discount on their products. On the other hand, Walton, the country's top electronics giant, is giving up to 10 percent off on credit card payments and a "millionaire offer" on their fridges and air conditioners.
Uday Hakim, executive director at Walton, said the sales season for electronics products is between March and July. There were no sales opportunities in the first three months. As a result, buyers are going for their pent-up spending. They are also giving discounts to attract more customers.
The exception of Aarong and Yellow
Although almost all retail brands in the country have offered huge discounts, Aarong is an exception in this regard. Its sales are now lower than usual, but there is no discount on products. All types of clothes, including punjabi and sarees, are being sold at the previous prices in all the showrooms of the company.
However, a senior salesman at Aarong's Bashundhara branch, said the sales were more than 50 percent of the usual time.
Yellow has also brought Eid collections and those are being sold without any discount.
