Take the Fear Out of Holiday Shopping

An email arrived the other day from a friend of mine who works in retail. In it was a listing of the most recent slew of retail closings with a warning not to purchase gift cards at those doomed dealers this holiday season. After scrolling through the note, I looked over at the Flip Video Camera I bought on impulse that I did not have the heart to return to Circuit City.

I had come to know a couple of folks these past couple of months - we were working collectively to build programs for the single consumer segment. They were one of the first retailers with which we made inroads and so I held on to the belief that by holding on to my $149 purchase somehow I would help spare this mass merchandiser, despite Chapter 11 rumblings that had been going on for weeks.

I know it sounds a lot foolish but the brands which are shutting down stores and operations were the ones that gave us clothing to fit plus and petit size men and woman, gave us items to define our individual style, helped us do-it and decorate on our own and set up programs set new trends for customer service. The thought of them closing doors, leaving so many individuals without jobs especially at this time of year, is too painful to fathom.

When a message of this nature goes viral it does nothing does nothing but cause us to reallocate our spending robbing these companies of any chance they have left to survive. Even worse is that the information may not be entirely true as was evidently the case with Anne Taylor based on this statement which went out early this week from corporate:

Dear Valued Client:

It has come to our attention that false and misleading information, regarding our Company and our store closure program, is circulating on the Web, as part of a hoax to scare consumers away from purchasing gift cards. Ann Taylor is a financially strong Company that operates nearly 1,000 Ann Taylor, LOFT, Ann Taylor Factory and LOFT Outlet stores across the U.S. In January 2008, we announced plans to close some underperforming stores, as part of a strategic restructuring program to make us an even stronger Company that can continue to serve you in the future. Our gift cards continue to be a popular and great option for gifting this Holiday season and can be redeemed at any of our stores, as well as online at anntaylor.com and anntaylorLOFT.com. We look forward to serving you again soon!

Kay Krill
President and Chief Executive Officer
Ann Taylor Stores Corporation

So with our wallets a little leaner and confidence lower, it's only wise to be more cautious with what you spend and how you spend it. But in the spirit of the holidays, you may want to consider where you spend it. If you put a few dollars down where it counts, and support our businesses which are suffering, it may just help to keep them alive.