Mike Osorio

JoS. A. Bank Free Suit Offer Made for Tough Times

March 17, 2009

FROM RETAILWIRE:
JoS. A. Bank has the promotion for you if you're among those trying to put your best look forward at work or if you're interviewing for a new job. The company's new "$199 Sale" comes with a unique guarantee. What do you think of JoS. A. Bank's "unemployment insurance" offer? Will it drive additional sales?      [more...]

I have known CEO Neil Black for years and I am not surprised to see him once again knowing how to effectively speak to his customer base.

Yes, the promotion is a bit silly, and borrows from others' ideas (Hyundai, etc.). But it nails the current market psychology and press sound bites: the economy sucks, people are losing their jobs left and right, people are scared, etc. etc. The promotion shows that they get it, they are listening, and they are positioned as a value retailer to be helpful for a product that the consumer needs but may be scared to spend on. At a time when most retail stocks are in terrible shape, JoS. A. Bank (JOSB) is performing well over their peers and is up 8% YTD. Mr. Black, keep the promos coming!