, many are still struggling with piles of excess inventory — prompting continued deep discounts both online and in-stores. at brands like Gap, Victoria's Secret, Madewell, and American Eagle early in the coronavirus outbreak in April, several others have followed suit, both on their e-commerce sites and at reopened physical stores. However, while these deals may look appealing to consumers, retail experts warn of the lasting reputational and long-term damage of deep discounting.
Still, that hasn't stopped brands like Loft, for example, which recently launched a 70% off sale online, selling items like jumpsuits for as low as $10 at final sale. Others, like Tom's Shoes, implemented a 65% flash sale, with a section on its website dedicated to footwear under $25, significantly lower than its average prices.
"All of this is pretty much going into the past season already," Hwang said of the Saks Fifth Avenue assortment on Wednesday. "I'm curious to see what the store's going to look like in September. I'm sure they'll find ways to fill the store but they're not going to have as much product because a lot of designers were canceling."Bethany Biron/Business Insider
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