We read in a Wall Street Journal Fashion article that this exclusive global event involves 700 stores in the U.S. and 11 other countries, including the U.K., Greece, Japan, China, Russia, India and Brazil, keeping their doors open until at least 11 pm on September 10 – the eve of New York Fashion Week.
What’s the rationale behind this global retail celebration, you ask? Well, it's still about moving inventory, but not at any cost. The vibe is very different from November last year. The objective now is to try and sell new season product with little or limited reductions, and to try to shift customers’ mind sets back to 'full price.' Of course, attitudes will take time to change back, as with any type of conditioning, but it will happen given the brands and the retailers need to have flexibility as part of their strategies. Also, when there are no longer a multitude of sale items, the consumer is forced to buy what's available at the marked price... so the 70-90% markdowns look to become a distant memory.
For more information on Fashion’s Night Out, visit their official website: http://www.fashionsnightout.