HEMA cuts prices

By: Together Abroad 31-03-2015 6:32 PM
Categories: Business news,

On Wednesday 25 March 2015, the Dutch retail chain Hema announced a series of price reductions by means of asking customers what they consider as “the most indispensable” products.

It is possible to take one’s choice on the products directly on Hema’s website. In the upcoming weeks, the retailer will greatly cut prices of hundreds of the selected products.

Hema claims that this step of giving customers such direct impact on price reductions is unprecedented and is part of their strategy initiated last year.

Luring customers
According to RTL Z, Hema’s sales director Heesen said: “The price cuts will be substantial. Depending on the type of product, prices will go down by 20% to 50%.” This way, the company aims to attract more customers and to promote sales. Hema has been increasingly struggling with low consumer purchases as well as difficult conditions of the market.

In December, the retailer announced a net loss of 14,8 million euros in the third quarter. Compared to the previous year, the loss increased threefold. According to the company, this is a result of the renewal of 529 stores in the Netherlands.

Alternatives
Although consumer confidence has slightly been improving lately, the spending capacity of the Dutch is generally much lower than a few years ago. The company claims: “Thus, customers look for cheap alternatives and make certain purchases.”
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