Word: markdown
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...Janis Joplin's " Pearl, " for example, a $5.98 list is going for $2.96. The wholesale cost of " Pearl " is $3.35; a lightning mental calculation reveals that the sale price represents a 49.5 per cent markdown off list. The Coop loses 39 cents on each copy it sells...
...convince them that the key to survival is more attractive stores, better service and larger selections. A New York University survey showed that eight out of ten regular book buyers would rather pay list price in a regular bookshop than go to a discounter for the sake of the markdown. Many buyers go into a store with only a vague idea of what they want, need attentive salesmen (all too rare) to guide them to their choice. "Give me five minutes' conversation with a man about books," says Everett Noonan, manager of Martindale's in Beverly Hills...
...this, nobody is aiming at the real bargain, such as the genuine month-end clearance, the special purchase, distress merchandise, the end-of-the-season markdown of broken lots. But what the FTC, the Better Business Bureaus and merchandising groups (such as the National Retail Merchants Association) want to end are the phony price-cuts. The merchants, many of whom have prodded the FTC to get tougher, feel that if they do not voluntarily police their industry, Congress will step in and do it for them-just as the Monroney law outlawed phony price-packing by auto dealers...
Profits were slashed further by a necessity for heavy markdown because of an "injudicious" surplus of merchandise stocks and stringent OPS price controls...
...with company-wide wage reductions of 2? an hour under its escalator "cost-of-living" contract. (Wage rates are adjusted up or down quarterly, 1? for every 1.14 point change in the Bureau of Labor Statistics cost-of-living index.) Said G.M.'s President Charles E. Wilson: the markdown was intended to "pass along to consumers the savings resulting from both the downward adjustment of wage and salary payments and the lowered cost of certain material items...