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CNN Live Sunday
Interview With Heather Green
Aired December 23, 2001 - 17:22 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL LIN, CNN ANCHOR: If you are not hitting theaters this weekend, you may be hitting the malls, considering Christmas is just two days away. Despite a cool economy, there are some hot holiday gift items that Heather Green from "Business Week" joins us now from Washington with the hit list and a lot more. Hi, Heather.
HEATHER GREEN, "BUSINESS WEEK": Hey.
LIN: You finished your shopping yet?
GREEN: I have; I did it about a week ago.
LIN: You know, I go into the stores, and things are empty and things are on sale. What happened? Where is everybody?
GREEN: Well, the problem is not a lot of people are shopping this year. I mean, we are in the recession, and people are cutting back. You also have, you know, after the September 11th, a lot of people were depressed about stuff, and so they weren't really spending that much. And so, it's pretty empty out there, especially for the traditional retailers like Saks or Bloomingdale's.
LIN: Yeah, you know, I feel for the retailers, because we all want a healthy economy, but at the same time, you know, frankly, when I go into a discount store -- the other day I went into a discount store, and I found a name-brand tennis skirt. I don't even play tennis, but I bought it because it was only $4. I would have paid 50 probably retail, so it tells me there is a huge mark-up out there.
GREEN: It's definitely true, and nowadays they have to give it to you for a lower price, so you are in control when it comes to buying right now.
LIN: But doesn't that train people to do their shopping after Christmas?
GREEN: Definitely. That's the big problem with when they mark down like they have, but they really don't have any choice, because they really -- what they are doing with the promotions is trying to get you in so they can get that staff off of their shelves. They don't want that inventory.
LIN: All right. Sounds like a really good gift is a gift certificate then that is worth more after the holiday. What are things that we are going to find really steeply discounted this year that we might not have been able to get, say, last year even?
GREEN: Well, definitely apparel, because things were so warm, the weather was so warm that retailers had to hold on to their inventory for a long time, and now they just want to get it out of there. So, there is that. There is also to some extent, like, DVDs -- those are hitting really good price points, and that's why you are seeing people really buying those. And then, books I think you are seeing pretty well discounted as well.
LIN: What about cold-weather items like coats as such? It's been such a warm winter; I see a lot of those things on sale.
GREEN: Oh, yeah, and you should wait until after Christmas, because they are going to be even more on sale. So, it hasn't been that cold, so hold on until after Christmas, and you will get better bargains.
LIN: All right. Well, with people feeling kind of Grinchy these days -- and let's say you are looking for that diamond bracelet from your husband or some jewelry, those are expensive items that are usually an indication of whether the economy is beginning to heat up or still cool of. Those are items normally people kind of defer. Can you get some deals on some high-priced ticket items?
GREEN: Oh, absolutely, because these are guys who are getting hit the worst, or the people like the luxury retailers and like the Saks. So, if they can get you in there to buy something, then you can even bargain to bring things down, even when it comes to jewelry. So, they really want you to buy, versus, you know, like the discounters who -- this is where most people are shopping nowadays because they are worried about layoffs and they're worried about their jobs, and so they're really not spending a lot of money. So, if the big retailers can get you in there, then they're going to let you have stuff at really good bargains.
LIN: All right. We are going to be shopping December 26. Thank you so much, Heather.
GREEN: Thanks a lot.
LIN: Heather Green from "Business Week" magazine. Have a great holiday.
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