It’s a long standing business business practice that the “seller sets the terms“. While its true that you can bargain with a vendor if you think they will sell at a lower price, in the end, if you are not willing to meet the seller’s price, you’ve got to walk away.
Apparently, customers hoping to walk out of a bankrupt Circuit City store with a $1.99 flat screen television aren’t willing to extend the seller that priviledge.
Lots of shoppers who showed up last Saturday for the beginning of Circuit City’s liquidation sale not only left the stores empty handed, they left mad as well.
Unbeknown to most of these vultures, once Circuit City declared bankruptcy, the court turned their assets over to a liquidator whose job is to get as much money for Circuit City’s creditors as they can. The management of Circuit City really has nothing to say about pricing.
I, for one, will miss Circuit City. While neither their selection nor their pricing was anything special, the competition they provided for Best Buy was good for both the local and national electronics marketplace.
Unfortunately, those customers who waited to show up at Circuit City until it was time to turn out the lights are now finding that liquidation pricing is not even as good as sale pricing was before the bankruptcy.
Lots of challenges for retailers and bargain-hungry customers will be presented in the next few months as our economy works through a really difficult retail environment. Circuit City’s experience has lessons for all of us.
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