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(Yahoo)   Macy's marks down piece of jewelry from $1500 to $47 leaving the store with only a 200% markup on each piece   (news.yahoo.com) divider line 38
    More: Fail, necklaces  
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5030 clicks; posted to Business » on 02 Apr 2013 at 10:27 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-04-02 09:15:18 AM
$47 still seems like too much for that.
 
2013-04-02 10:31:49 AM
rlv.zcache.com
 
2013-04-02 10:36:20 AM
Almost true about the mark-up. My wife works for a jewelry store chain and pays 10% over cost. So, I never buy her jewelry, except for hand-made pieces direct from the artist.
 
2013-04-02 10:38:13 AM
splitsider.com
 
2013-04-02 10:45:56 AM
Would be interesting to take one to a pawn shop and see what they'd give you for one.......
 
2013-04-02 10:56:21 AM
Southpark did it.

I buy most of my wife's jewlery from Netaya (the cheaper stuff, great prices and mostly excellent quality) or a local jeweler that I really trust not to F**k me.  When buying my wife's ring he sat us down with a microscope and showed us the differences between many different diamonds.  Then when we narrowed down our 3 cs and price range he had his supplier send in about 10 diamonds in that range.  That way we were able to pick one that appeared to be as nice as another costing 20% more, but due to a nearly invisible defect was rated at a lower inclusion level.

Jewelery (and engagement rings in particular) are the perfect storm of getting ripped off.

Something you aren't really interested/knowledgable in? Check
Buying for wife/GF? check
Usually waited until last minute? check
Vague labeling making it hard to compare items? check
 
2013-04-02 11:08:29 AM
I like the entitlement attitude. It's a print error and they are certainly allowed to fix the mistake. These are the same people who rush to an ATM that's giving fifties instead of twenties and are shocked when they are forced to return the money.
 
2013-04-02 11:15:25 AM

Russ1642: I like the entitlement attitude. It's a print error and they are certainly allowed to fix the mistake. These are the same people who rush to an ATM that's giving fifties instead of twenties and are shocked when they are forced to return the money.


According to the article, the customers really did get it at the $47 price before Macy's could fix the mistake. That's what they rang people up at at the register. There's just this one guy that missed out because everything sold out in front of him and he tried to get an order shipped.
 
2013-04-02 11:17:21 AM

Russ1642: I like the entitlement attitude. It's a print error and they are certainly allowed to fix the mistake. These are the same people who rush to an ATM that's giving fifties instead of twenties and are shocked when they are forced to return the money.


Maybe you thought this was a Consumerist link? At no point was anyone complaining they didn't get the deal.
 
2013-04-02 11:19:49 AM

Russ1642: I like the entitlement attitude. It's a print error and they are certainly allowed to fix the mistake. These are the same people who rush to an ATM that's giving fifties instead of twenties and are shocked when they are forced to return the money.


It's definitely a fine line I think.  Back in college I worked retail (circuit city in this story) and people would be absoloute nazis about pricing issues.  It's one thing if you advertise something for $100 when it should be $150 and customers come in for that price, but honest mistakes do happen.
 
2013-04-02 11:32:15 AM
We are sincerely sorry he was disappointed and unable to buy the necklace at the $47 price for his wife.

But they weren't sorry enough to make him able to buy it at $47.
 
2013-04-02 11:40:14 AM
If it rang up at $49 at the register, the fault lies with whoever does data entry for the sales (and passes the incorrect data on to the design team)--not with the editor. It's not like they're setting POS prices based on what the catalog says.
 
2013-04-02 11:56:25 AM
In Canada there is an actual law about pricing - if the store farks up, you get the lowest price advertised minus 10$. Or free if under 10$.

So yeah, I go to understaffed big box stores and abuse the system. It's fun.

Of course, I was on the other side when old women would come into a store at 12:01 AM after a sale ended, and of course the sign wasn't taken down, and insist on the stuff for free. Which was both evil and awesome. Hats off, miserable old lady!
 
2013-04-02 11:58:53 AM

Gosling: Russ1642: I like the entitlement attitude. It's a print error and they are certainly allowed to fix the mistake. These are the same people who rush to an ATM that's giving fifties instead of twenties and are shocked when they are forced to return the money.

According to the article, the customers really did get it at the $47 price before Macy's could fix the mistake. That's what they rang people up at at the register. There's just this one guy that missed out because everything sold out in front of him and he tried to get an order shipped.


That's my point. They knew it was a mistake and bought as many as they could.
 
2013-04-02 12:35:26 PM

Pick: Would be interesting to take one to a pawn shop and see what they'd give you for one.....


oh, you're killing me here. There's just not a big demand for that particular item. I can go up to $48, but that's my final offer.
 
2013-04-02 01:00:22 PM
I bought a mattress set there where they had advertised the price as a set instead of per piece.

/csb
 
2013-04-02 01:04:23 PM

DubyaHater: oh, you're killing me here. There's just not a big demand for that particular item. I can go up to $48, but that's my final offer.


I can tell you're not a pawn shop owner because you don't have a buddy who specializes in that particular item.

20 dollar bill? I'll give you 5 bucks.
 
2013-04-02 01:21:05 PM

God Is My Co-Pirate: $47 still seems like too much for that.


I concur. Forget about firing the copy writer. Fire the damned photographer. It looks like it's made of steel, copper and tiny bits of glass. $47 might be too much for a piece of costume jewelry that fugly. If it's worth anywhere near $1,500 they have done a poor job of showing it, or else the designer is a wastrel.
 
2013-04-02 01:36:16 PM

ModernLuddite: In Canada there is an actual law about pricing - if the store farks up, you get the lowest price advertised minus 10$. Or free if under 10$.


The UK system is (or was) the store could either sell you the item at the advertised price (and then change the sticker) or pull the item from their shelves for 24 hours, which seemed fair - it made it difficult for stores to do a bait-and-switch with their pricing while also allowed a reasonable remedy to an honest mistake if someone messed up a decimal point or two on an expensive item.
 
2013-04-02 01:54:48 PM
Put me in mind of the time I found a professional website selling Toshiba Libretto's for $149.90. It was an obvious typo, decimal off a place, but I set up an account and had an email confirmation on Saturday that my order was placed.

Monday afternoon and my account didn't even exist on the site. Complete denial I had ever been there kinda thing. But I imagine a few hundred people just like me have the same "the one that got away" story. And a few of them probably biatched that they didn't get the promised merchandise at the misquoted price in forums somewhere, possibly even to their lawyers.
 
2013-04-02 02:06:24 PM

Russ1642: I like the entitlement attitude. It's a print error and they are certainly allowed to fix the mistake. These are the same people who rush to an ATM that's giving fifties instead of twenties and are shocked when they are forced to return the money.


Uh, what? There are laws against false advertising. If you print an error, you have to honor that pricing for the duration of the advertisement.

Not really sure how they can get away with cheating customers by canceling orders like this.
 
2013-04-02 02:06:45 PM
Some on in the proof reading department is catching hell and likely out of a job and same for all those who missed the mistake while signing off on the pricing and ad.
 
2013-04-02 02:08:55 PM

Russ1642: Gosling: Russ1642: I like the entitlement attitude. It's a print error and they are certainly allowed to fix the mistake. These are the same people who rush to an ATM that's giving fifties instead of twenties and are shocked when they are forced to return the money.

According to the article, the customers really did get it at the $47 price before Macy's could fix the mistake. That's what they rang people up at at the register. There's just this one guy that missed out because everything sold out in front of him and he tried to get an order shipped.

That's my point. They knew it was a mistake and bought as many as they could.


So if, say, a football player on D trips, the offensive player should take a knee instead of scoring the touchdown?

You're the one with an entitlement attitude.
 
2013-04-02 02:19:57 PM

Russ1642: I like the entitlement attitude. It's a print error and they are certainly allowed to fix the mistake. These are the same people who rush to an ATM that's giving fifties instead of twenties and are shocked when they are forced to return the money.


Side note: Where are you that there are options for ATMs giving 50s??
 
2013-04-02 02:28:39 PM
Bullseyed:

Uh, what? There are laws against false advertising. If you print an error, you have to honor that pricing for the duration of the advertisement.

Not really sure how they can get away with cheating customers by canceling orders like this.


Based on study for an Internet GED in Retail Law it seems that in cases where a retailer makes a good faith error in pricing that customers realize, or should realize, is obviously a mistake and that honoring the error would be an onerous burden the retailer can refuse to sell the item. Law probably varies by state.

Any lawyers in here?
 
2013-04-02 03:01:49 PM
Slickdeals, you let me down!
 
2013-04-02 03:03:58 PM
Here in the Bay Area there used to be a company called The Diamond Center run by a flamboyant guy named "Paul."

I recall reading a number of years ago where Paul admitted that the first payment on any of their jewelry covered the cost. All the additional payments were 100% profit.
 
2013-04-02 03:06:15 PM

MrEricSir: Here in the Bay Area there used to be a company called The Diamond Center run by a flamboyant guy named "Paul."

I recall reading a number of years ago where Paul admitted that the first payment on any of their jewelry covered the cost. All the additional payments were 100% profit.


Protip: No matter what your significant other thinks, diamonds are neither rare nor precious.
 
2013-04-02 04:05:44 PM

Why Would I Read the Article: DubyaHater: oh, you're killing me here. There's just not a big demand for that particular item. I can go up to $48, but that's my final offer.

I can tell you're not a pawn shop owner because you don't have a buddy who specializes in that particular item.

20 dollar bill? I'll give you 5 bucks.


I'm a buddy who specializes in that particular item. The shop calls me in whenever they have that particular item that they want me to come look at.
 
2013-04-02 04:07:31 PM

Bullseyed: Russ1642: I like the entitlement attitude. It's a print error and they are certainly allowed to fix the mistake. These are the same people who rush to an ATM that's giving fifties instead of twenties and are shocked when they are forced to return the money.

Uh, what? There are laws against false advertising. If you print an error, you have to honor that pricing for the duration of the advertisement.

Not really sure how they can get away with cheating customers by canceling orders like this.


Actually, the closest you get are two states that have laws which state that if money changes hands, the deal can't be changed later. Basically, other than those two places, NO law says you have to lose money due to a mistake. None.
 
2013-04-02 04:20:06 PM

Bullseyed: Russ1642: I like the entitlement attitude. It's a print error and they are certainly allowed to fix the mistake. These are the same people who rush to an ATM that's giving fifties instead of twenties and are shocked when they are forced to return the money.

Uh, what? There are laws against false advertising. If you print an error, you have to honor that pricing for the duration of the advertisement.


You know it's true because you read it on the internet once, right?
 
2013-04-02 07:44:49 PM

Bullseyed: Russ1642: I like the entitlement attitude. It's a print error and they are certainly allowed to fix the mistake. These are the same people who rush to an ATM that's giving fifties instead of twenties and are shocked when they are forced to return the money.

Uh, what? There are laws against false advertising. If you print an error, you have to honor that pricing for the duration of the advertisement.

Not really sure how they can get away with cheating customers by canceling orders like this.


I don't have an ad in front of me, but I seem to recall the majority of them have small print stating that they aren't obligated to honor price mistakes.
 
2013-04-02 09:03:21 PM

PsyLord: MrEricSir: Here in the Bay Area there used to be a company called The Diamond Center run by a flamboyant guy named "Paul."

I recall reading a number of years ago where Paul admitted that the first payment on any of their jewelry covered the cost. All the additional payments were 100% profit.

Protip: No matter what your significant other thinks, diamonds are neither rare nor precious.


Hence why Mrs. Smurf's engagement and wedding rings are rubies with only light diamond accents.  Lab rubies, I'm not going to get ripped off for the real thing when labreal is good enough
 
2013-04-02 11:41:56 PM
So how come these worthless brown diamonds are suddenly worth a lot of money because they are 'chocolate diamonds'?
 
2013-04-03 12:05:46 AM

meanmutton: Side note: Where are you that there are options for ATMs giving 50s??


There are some in Canada (for example Royal Bank in Vancouver).
 
2013-04-03 01:12:45 AM
Misread the headline as saying Marky Mark...  man that would have made a way different story.
 
2013-04-03 04:39:14 AM

Ivo Shandor: meanmutton: Side note: Where are you that there are options for ATMs giving 50s??

There are some in Canada (for example Royal Bank in Vancouver).


TD banks' ATMs in Canada do also. But only if the withdrawal is over $400. It's to prevent Costenza wallets.
 
2013-04-03 07:34:35 AM
Who the hell buys jewelry at Macy's?
 
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