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Stores using discounts, giveaways to battle online retailers
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SALES promotions seemed endless this fall as the competition between online vendors and traditional retailers has continued to intensify.
Another wave is in the making as Printemps Department Store kicks off its annual overnight discount sale in its 10 Shanghai outlets on Friday, and other stores may follow suit.
Unlike the previous four campaigns, the Printemps stores have extended the event from five days to six days this year and will start the event earlier than before.
Also, better deals and trendy gifts are promised, with discounts of up to 70 percent. The stores will give away an iPad Mini 2 to consumers who spend 5,880 yuan (US$956) buying selected brands during the first half-hour (from midnight to 12:30am) of the event each day, and a gold-colored iPhone 5s for those who spend 11,880 yuan.
Other department stores are also expected to offer deep discounts toward the year’s end to lure back consumers who have flocked to the Internet for bargains.
"Physical stores are stepping up their efforts to fend off competition from the increasingly powerful online shops," said Xue Jun, an analyst at CITIC Securities Co. "So far, offering discounts seems to be a major strategy."
Online vendors are now the envy of mortar-and-brick retailers. In the 24-hour online shopping spree on Singles Day, or November 11, Chinese consumers lavished an astonishing 35.02 billion yuan on purchases, easily surpassing the 19.1 billion yuan record from last year.
Taobao, China's largest consumer-oriented shopping site, will launch another campaign on December 12. Other major online retailers, including JD.com and Yihaodian.com, also continued their sales campaigns in recent weeks.
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