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The managing director of Japanese consumer electronics company Panasonic has accused mass market retailers of “discounting” unnecessarily. He claims that Panasonic management has witnessed premium-priced products being discounted down “significantly” only days after being ranged in a store.
The managing director of Japanese consumer electronics Company Panasonic has accused mass market retailers of “discounting” unnecessarily. He claims that Panasonic management have witnessed premium priced products being discounted down “significantly” only days after being ranged in a store.
A senior executive at Sony said “For retailers to now be demanding more margins in products is a bit of a turnaround. They are the ones who at the drop of a hat have been cutting the margin out of a product because they fear what their competitors will do”.
While the big winner is the consumer there is concern among several consumer electronics companies that mass market retailers are engaging in discount wars that long term could harm them.
Steve Rust the Managing Director of Panasonic said “We are currently working with retailers to improve profitability. It is an issue and it is of concern. In the past we have seen a premium product discounted within days of going into a retailer with good margin eroded and no retailer is except from this practise. Harvey Norman use to be called Harvey Norman Discounts. Big Lee is ‘Everything Negotiable’ while the Good Guys is “Pay Less With Cash” so the mentality across the channel is to discount”.
One major retailer said “We have been guilty in the past of discounting for the sake of discounting however this practise has to stop as a lot of us are suffering and it is not going to get any easier”.
