Jos. A Bank is bringing an end to its massive discounts.
The retailer is holding one final “buy-one, get-three-free” sale on Thursday, the Washington Post reports.
The retailer’s “buy-one, get-several-free” deals on men’s suits, sport coats, sweaters, and more helped make Jos. A Bank a household name.
But Men’s Wearhouse, which acquired Jos. A Bank last year, recently began phasing out the promotions, saying they were no longer sustainable.
Jos. A Bank’s same-store sales fell 9.4% in the most recent quarter, compared to a 1% increase a year earlier.
Analysts say fewer promotions are largely to blame for the drop.
“When ‘Saturday Night Live’ parodies your pricing promotions, you know you have a problem,” Men’s Wearhouse CEO Doug Ewert told the Post. “It stung.”
But customers came to expect the deals, and the company came to rely on them to drive traffic and spending.
To improve its appeal without the heavy promotions, Men’s Wearhouse has been introducing new clothing and shoes that are designed to attract younger customers to Jos. A Bank stores.
“It’s this focus on newness that will give us the best shot at winning a larger share of closet with existing customers and expanding our reach to new and younger customers,” Men’s Wearhouse CEO Doug Ewert said on an earnings call last month.
“Bottom line: We need to give customers new reasons to shop at Joseph Bank and [give] our stores more ammunition to grow their business.”
The new suits feature slimmer cuts that are popular among younger shoppers.
The company is also rolling out new promotions, but they won’t be as drastic as the “buy-one, get-several-free” deals of the past.
The new promotions will include discounts on single suits, or possible two, such as “one suit for $US299, two for $US500,” Ewert told the Post.