For the nation's department stores, year-end sales -- which make up a large chunk of annual profits -- can make or break a retailer.
With the economy in the doldrums, persuading the public to open their wallets has become more important than ever this year.
"Revenue from last year's sale was about 13 percent of our yearly income," said Lee Kuang-rong (
Department stores' year-end sales -- usually held between mid-October and the end of December -- account for more than 10 percent of the entire year's revenue.
Having seen sales figures decline hand-in-hand with the economy's downward slide, the year-end event has become all that much more important.
"I believe all department stores will regard the annual sale as a key opportunity to balance this year's bad sales record," said Shauna Lee (
According to statistics from the Department Store Association last week, Taipei department store sales in August were down 13 percent from the same month last year.
With typhoons drenching consumer enthusiasm this summer, the figures for this month and last month probably will be even worse.
"We were forced to close for five days due to flood damage that [cost us] NT$300 million in lost sales," Lee said. "I have been in this industry for 20 years and have never seen such a huge sales reduction within such a short time period."
According to Lee, price cuts from both department stores and their wholesale suppliers should spell good news for bargain hunters, who can expect at least 30 percent off the regular price of cosmetics, clothing and electronics.
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