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| Men's Clothing

09/24/15

Banks rolled: Long time clothing company kills its only appeal

Jos. A. Banks is a well known clothing brand that has carved out out a niche for not being afraid to give discounts to consumers to gain business and increase or maintain revenue.
That was, until recently. Consider Jos. A. Banks officially scared.
The long time clothing company decided to start curbing its deals to the point that they're starting to lose business as a result. Anyone who is familiar with Jos. A. Banks or has bought from the store knows that one suit doesn't mean one suit, but rather a slew of freebies that kept the customers coming. Business actually was up, which begs the question as to why Jos. A. Banks would decide to kill its one niche and marketing acumen to the point that they're starting to struggle mightily.
To the credit of the suits (yes, that pun was intended) and the higher ups at Jos. A. Banks, they're content on creating a new reason for customers to shop in their stores and one would think online. Any brand always is looking for the ability to grow from outside the box they've created, and none is more confining than what Jos. A. Banks has done to itself.
They're only known, almost mockingly, as the company that dishes out suits in masses, which is panned when the opportunity arises. Buy 2 suits, get 5 free or buy a suit and get four dress shirts, and four pair of pants included; those are the sales we've come to expect from Jos. A. Banks.

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But rather than rely on the gimmicks or sales tactics that have worked for years, Jos. A. Banks is bent on growing beyond what they've been doing. That mentality is more than just correct on a number of levels, and while it can be scary to rid yourself of the one aspect of business that was bringing in money, the long term for Jos. A. Banks might be more beneficial now that they can start changing their mindset about clothing and how they're going to become profitable.
But with this move, Jos. A. Banks has to put their money where they're mouth (and suits) are, and actually come up with better way to market, particularly daunting in a marketplace that isn't buying suits in droves.
The clothing company can't help but be nervous about the move but if they're committing to it, then seeing it through is paramount. But so is finding a way to sell the new Jos. A. Banks to the rest of the world.

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