Retailers give new meaning to "value"

06/23/2010 | Reuters

Retailers have used the word "value" as code for low prices as consumers reined in spending during the economic downturn, but now the word is evolving into something that includes quality and selection, too. Marketers have started using the value message to include everything from workmanship to convenience, according to executives at an industry summit. "Regrettably, discounting price has got confused with value. Value is a combination of quality, and price, and environment and assortment and service," said Mark Price, the managing director of Waitrose.

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