Stores offering discounted prices do well during recession

In today’s economic climate, some businesses are suffering, but companies offering products at low costs have become a highly frequented market by American consumers.

Josh Braverman, spokesman for Family Dollar stores, said the company has seen a 35 percent increase in earnings in the past year.

“We have an increased advantage, people are always looking to save some extra money,” Braverman said.

Sales in specific products have also seen a substantial change in sales during the past year. According to Time magazine, condoms have increased 10.5 percent in sales and freezing supplies like jars and bags saw a 11.5 percent increase in sales.

However, people are ignoring their sweet tooth during the recession as ice cream and cookie sales have dropped 9.7 percent and jam and jelly sales decreased 12 percent, according to Time.

Discounted shopping centers are also seeing more business, like Chelsea Premium Outlets.

There has been a quick increase of shoppers, said Michele Rothstein, senior vice president of marketing for Chelsea Premium Outlets.

“Outlets have always been known for providing excellent value at low prices so shoppers know they will save money,” Rothstein said. “Our merchants are not
panicking in this market, but they are definitely being smart about it.”

Chelsea Premium Outlets owns more than 40 shopping centers, including the Edinburgh Premium Outlets location, selling name brands at reduced prices.

Not only have national companies offering discounted products seen an increase in traffic, but local and independently owned thrift stores are becoming more popular.

Wanda Rogers, manager of Bloomington Thrift Store Inc., said she hasn’t necessarily seen an increase in profit, but there are more shoppers coming in.

“I don’t necessarily think people are buying more, but I think more people are buying and shopping at our store,” Rogers said.