Jolie Rouge
11-02-2008, 02:22 PM
Penny-pinching 101
Sunday, November 2, 2008 3:44 AM
By Stories by Tracy Turner
Retailers are trying to counter their customers' growing economic worries with tips, coupons, tours and more. Don't shop when you're hungry, keep an eye out for sale tags, choose local and don't be afraid to try store brands.
Those are just some of the ways you can save money shopping at Whole Foods, spokeswoman Angel Gravitt explained as she led a group of customers on a "value tour," touting savings shoppers can find throughout the upscale organic grocer.
Value shopping at Whole Foods?
The move is part of the company's acknowledgement that customers are struggling, forcing them to cut spending on unnecessary items.
Laurie Parker of Linden, who attended the tour recently with her husband and two young daughters, said the economy is slowly changing how the family spends. They've downsized to one car, and Parker makes many of the things they need from scratch. When she heard about the value tours at Whole Foods, she jumped at the chance to learn how to save at her "favorite store."
"It's all about competition," Parker said as she took the tour recently. "If they are willing to take the time to show me ways that their store is reasonable for my family to shop, then I'm willing to spend my money here."
This is just one example of how retailers are attempting to counter their customers' growing economic worries.
While retailers have offered sales, promotions and discounts for years, some have taken the trend a bit farther.
Wal-Mart has hired a financial adviser to offer its customers free money-saving advice and shopping tips, while Kroger now offers shoppers customized coupons sent electronically to their homes. Home Depot is promoting its energy-saving appliances and touting savings for consumers by teaching them do-it-yourself home repairs and projects. And Trader Joe's is telling consumers that they can find some items in its stores for less than at their neighborhood grocer.
Retailers think the move not only breeds customer loyalty, but makes people more willing to spend.
The trend to capitalize on value and money savings comes as retailers continue to struggle with consumers who have tightened their grip on their wallets as energy prices, job fears and a troubled stock market take their toll.
Retail sales have fallen for three consecutive months, with September's declining 1.2 percent. The sharpest decline in years occurred during the back-to-school season, a period retailers traditionally hold only second in importance to the holiday shopping season.
Some analysts don't think the retail picture will improve soon.
The continued financial market turmoil, credit tightening, falling employment and election uncertainty has hurt sales, Kimberly Greenberger, an analyst with Citi Investment Research in New York, said in a research note to investors discussing the October sales preview.
"We believe (consumer) traffic will likely remain down throughout the month given consumer spending pressures compounded by stock market volatility and election uncertainty," Greenberger said. "Consumers are suspending most discretionary spending."
Sales for October are "experiencing the same tough retail landscape as September as consumers continue to be extremely cautious in their spending patterns," said Michael P. Niemira, chief economist for the International Council of Shopping Centers.
Or as Marlene Metz of Galena put it, "it's kind of scary right now."
"If I have a choice between two products, I find myself reaching for the less expensive one," Metz said, as she purchased a $5 pasta bowl as the lunch special recently at Whole Foods. "I've become a more conscious shopper and don't what to spend more than I have to.
"All this bad news with the economy affects me subconsciously."
Such a mindset doesn't bode well for retailers as the holiday season approaches.
TNS Retail Forward forecast that holiday spending this year will grow by 1.5 percent, the smallest year-over-year increase since 1991. Consumers are finally getting a break from rising gasoline prices, but job losses and tight credit are squeezing budgets, the Columbus-based consulting and research group said.
Retailers who realize that and adapt their message are those who will benefit, said Ellen Davis, spokeswoman for the National Retail Federation, a Washington-based trade association. She said retailers that have focused on quality, selection and customer service in the past are now emphasizing price and value.
"Retailers are fixated on the value trend because they know that's what consumers are looking for now," Davis said. "Retailers are adapting to the current economy and the current state of the consumer.
"Because price is so important, retailers aren't doing themselves a favor if they ignore that. If retailers aren't thinking about how consumers can save money or can spend on a budget, then they are worse off."
Wal-Mart created a Web site, www.makeyourdollarstretch.com, that lets consumer and financial-planning expert Ellie Kay give savings advice to customers. The site offers a savings tip of the day, a question and answer section for consumers and an advice column, in a way that "speaks to our customers," spokeswoman Melissa O'Brien said.
The store also launched an aggressive new campaign that tells consumers they can save $2,500 annually by shopping at Wal-Mart.
"Consumers trust us to be their resource for saving money, to provide even more resources for savings beyond our store doors," O'Brien said. "Consumers have changed their lifestyles because of the economy and look to us because helping people save has always been in Wal-Mart's DNA.
"This is not something new for us."
Kroger began offering a "Meal Deal" program last month as a way to help consumers plan and cut costs on an entire meal, spokeswoman Amy Barlow said. For example, customers could get coupons for each item to create an entire chicken and macaroni grill dinner, saving them $2.70 on the meal.
The program "gives customers a thought of what they could fix that is quick and easy and stretches their dollar for their evening meal," she said.
"Between the credit crunch and higher energy costs, consumers do see that pain in their pocketbooks," Barlow said. "We find consumers are spending less time eating out, so more are looking to us to make the most of their weekly spending."
http://www.columbusdispatch.com/live/content/business/stories/2008/11/02/Value_shopper.ART_ART_11-02-08_D1_CIBOKJ7.html?sid=101
Get the most from your coupons
Savvy consumers can save money by using coupons. Tips on how to make the most of them:
• Check stores to see whether they offer "double coupons" -- discounting the item twice the amount of the coupon, often up to $1.
• Clip coupons from publications such as the Sunday Dispatch and check store sales ads for special offers.
• File coupons by category, such as cereals, pizzas, cake mixes, paper goods, pet food or anything you buy often.
• Clear out your file frequently to get rid of expired coupons.
• Make a shopping list before you go to the store, set aside coupons you intend to use during your trip, and don't depart from your list.
• Look for coupons online. Some sites include:
www.couponsurfer.com
www.couponmom.com
www.coolsavings.com
Source: Dispatch research
Sunday, November 2, 2008 3:44 AM
By Stories by Tracy Turner
Retailers are trying to counter their customers' growing economic worries with tips, coupons, tours and more. Don't shop when you're hungry, keep an eye out for sale tags, choose local and don't be afraid to try store brands.
Those are just some of the ways you can save money shopping at Whole Foods, spokeswoman Angel Gravitt explained as she led a group of customers on a "value tour," touting savings shoppers can find throughout the upscale organic grocer.
Value shopping at Whole Foods?
The move is part of the company's acknowledgement that customers are struggling, forcing them to cut spending on unnecessary items.
Laurie Parker of Linden, who attended the tour recently with her husband and two young daughters, said the economy is slowly changing how the family spends. They've downsized to one car, and Parker makes many of the things they need from scratch. When she heard about the value tours at Whole Foods, she jumped at the chance to learn how to save at her "favorite store."
"It's all about competition," Parker said as she took the tour recently. "If they are willing to take the time to show me ways that their store is reasonable for my family to shop, then I'm willing to spend my money here."
This is just one example of how retailers are attempting to counter their customers' growing economic worries.
While retailers have offered sales, promotions and discounts for years, some have taken the trend a bit farther.
Wal-Mart has hired a financial adviser to offer its customers free money-saving advice and shopping tips, while Kroger now offers shoppers customized coupons sent electronically to their homes. Home Depot is promoting its energy-saving appliances and touting savings for consumers by teaching them do-it-yourself home repairs and projects. And Trader Joe's is telling consumers that they can find some items in its stores for less than at their neighborhood grocer.
Retailers think the move not only breeds customer loyalty, but makes people more willing to spend.
The trend to capitalize on value and money savings comes as retailers continue to struggle with consumers who have tightened their grip on their wallets as energy prices, job fears and a troubled stock market take their toll.
Retail sales have fallen for three consecutive months, with September's declining 1.2 percent. The sharpest decline in years occurred during the back-to-school season, a period retailers traditionally hold only second in importance to the holiday shopping season.
Some analysts don't think the retail picture will improve soon.
The continued financial market turmoil, credit tightening, falling employment and election uncertainty has hurt sales, Kimberly Greenberger, an analyst with Citi Investment Research in New York, said in a research note to investors discussing the October sales preview.
"We believe (consumer) traffic will likely remain down throughout the month given consumer spending pressures compounded by stock market volatility and election uncertainty," Greenberger said. "Consumers are suspending most discretionary spending."
Sales for October are "experiencing the same tough retail landscape as September as consumers continue to be extremely cautious in their spending patterns," said Michael P. Niemira, chief economist for the International Council of Shopping Centers.
Or as Marlene Metz of Galena put it, "it's kind of scary right now."
"If I have a choice between two products, I find myself reaching for the less expensive one," Metz said, as she purchased a $5 pasta bowl as the lunch special recently at Whole Foods. "I've become a more conscious shopper and don't what to spend more than I have to.
"All this bad news with the economy affects me subconsciously."
Such a mindset doesn't bode well for retailers as the holiday season approaches.
TNS Retail Forward forecast that holiday spending this year will grow by 1.5 percent, the smallest year-over-year increase since 1991. Consumers are finally getting a break from rising gasoline prices, but job losses and tight credit are squeezing budgets, the Columbus-based consulting and research group said.
Retailers who realize that and adapt their message are those who will benefit, said Ellen Davis, spokeswoman for the National Retail Federation, a Washington-based trade association. She said retailers that have focused on quality, selection and customer service in the past are now emphasizing price and value.
"Retailers are fixated on the value trend because they know that's what consumers are looking for now," Davis said. "Retailers are adapting to the current economy and the current state of the consumer.
"Because price is so important, retailers aren't doing themselves a favor if they ignore that. If retailers aren't thinking about how consumers can save money or can spend on a budget, then they are worse off."
Wal-Mart created a Web site, www.makeyourdollarstretch.com, that lets consumer and financial-planning expert Ellie Kay give savings advice to customers. The site offers a savings tip of the day, a question and answer section for consumers and an advice column, in a way that "speaks to our customers," spokeswoman Melissa O'Brien said.
The store also launched an aggressive new campaign that tells consumers they can save $2,500 annually by shopping at Wal-Mart.
"Consumers trust us to be their resource for saving money, to provide even more resources for savings beyond our store doors," O'Brien said. "Consumers have changed their lifestyles because of the economy and look to us because helping people save has always been in Wal-Mart's DNA.
"This is not something new for us."
Kroger began offering a "Meal Deal" program last month as a way to help consumers plan and cut costs on an entire meal, spokeswoman Amy Barlow said. For example, customers could get coupons for each item to create an entire chicken and macaroni grill dinner, saving them $2.70 on the meal.
The program "gives customers a thought of what they could fix that is quick and easy and stretches their dollar for their evening meal," she said.
"Between the credit crunch and higher energy costs, consumers do see that pain in their pocketbooks," Barlow said. "We find consumers are spending less time eating out, so more are looking to us to make the most of their weekly spending."
http://www.columbusdispatch.com/live/content/business/stories/2008/11/02/Value_shopper.ART_ART_11-02-08_D1_CIBOKJ7.html?sid=101
Get the most from your coupons
Savvy consumers can save money by using coupons. Tips on how to make the most of them:
• Check stores to see whether they offer "double coupons" -- discounting the item twice the amount of the coupon, often up to $1.
• Clip coupons from publications such as the Sunday Dispatch and check store sales ads for special offers.
• File coupons by category, such as cereals, pizzas, cake mixes, paper goods, pet food or anything you buy often.
• Clear out your file frequently to get rid of expired coupons.
• Make a shopping list before you go to the store, set aside coupons you intend to use during your trip, and don't depart from your list.
• Look for coupons online. Some sites include:
www.couponsurfer.com
www.couponmom.com
www.coolsavings.com
Source: Dispatch research