Retailers slash clothing prices as shoppers tighten belts: Jordan

Retailers slash clothing prices as shoppers tighten belts: Jordan

AMMAN — Steep discounts are retailers’ last resort to counter the slump in apparel shopping and attempt to clear inventory off the racks, according to stakeholders.

Sultan Allan, representative of the clothing, footwear, fabrics and jewellery sector of the Jordan Chamber of Commerce and President of the Textile, Readymade Clothes and Footwear Syndicate, noted that discounts this time of the year are an “unusual” occurrence.

“Retailers are selling their products at cost just to meet their financial obligations and survive,” he told The Jordan Times, noting that discounts in the sector usually begin at the end of January.

He added that summer, which is the back-to-school shopping season, usually boosts sales in the sector. This year’s demand, however, was “below expectations”.

Retailers also predicted much higher purchasing activity during Christmas and the holiday season, he added, noting that 2022 saw a 30 to 50 per cent decrease in demand compared with 2021.

The situation “isn’t promising” and the sector is “unlikely” to bounce back from the pandemic’s economic repercussions anytime soon, Allan said.

Although banks operating in Jordan agreed to postpone individual loan installments for December without delay commissions, purchasing power remains weak, he added.

This initiative on behalf of the banks is an attempt to mitigate