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NRF chief: Cheap is chic
January 11, 2009
Reuters: Price has become the most important factor in U.S. consumer purchase decisions and retailers must adapt to that new reality if they are to be successful, the head of a key retail group said on Sunday.
"What's so intriguing these days, whether you work on Wall Street or in Wal-Mart, is that it has absolutely become chic to be cheap," National Retail Federation President and CEO Tracy Mullin said during a session at the group'sannual trade showin New York, which runs through Wednesday.
"It's all about price. Factors like quality, selection, store location and customer service are taking a back seat," said Mullin. "We believe this will continue for the foreseeable future."
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