While being loyal to a store can have its benefits, such as knowing where merchandise is located, when it will be marked down and even earning special rewards, being too loyal can actually backfire, here is why.
Did you know that this year, Walmart actually raised prices on its hot toys? That is right, many of the year’s hottest toys cost more than last year and more than they cost at other stores. Despite this, sales for toys are Walmart were through the roof. Even though consumers may have been able to get some of these toys elsewhere for better prices, they shopped at Walmart and spent a little more on each item. Why?
It is simple. For years, the perception has been that Walmart has always had the best prices. Consumers have been trained to expect this. So even when the prices are actually raised, loyal consumers still believe that they are getting the best deals.
As you can see, it is very important to shop around, even if it is only to confirm that the store that you love is giving you the best deal.
I ran into this myself during some after Christmas shopping. The first store that I wanted to hit was Kohl’s because I like that store. In my experience both during the holiday season and in past years after holiday sales, they had the best mark downs on children’s clothing.
Sure enough when I got to the store, the kids coats were marked 50 percent off. I might have grabbed on then and there if I hadn’t seen the exact same coats at Sears. Fortunately the Sears was nearby. As it turned out, they offered 60 percent off and started with a lower retail price.
Stores count on your loyalty to make repeated sales. Just make sure that they are always worthy of it before you spend.