New York, NY (Reuters) Struggling national retail giant K-Mart is launching a holiday marketing idea that has never been attempted before, according to CEO Martin Schanover.
"Simply put, it will be the sale to end all sales," Schanover said Monday. He went on to detail a "sale" where everything in the store is free for the first thirty seconds only. "No limits, no checks, no cash, no credit cards," he stated.
The catch? First, if the item can be placed on the cash register belt, then it must be there to qualify. If it is too large, then it must be on the floor next to the check-out counter where a cashier could scan the price tag with a remote unit.
Secondly, a cashier must be present at the time the customer approaches the check-out counter, which, industry observers are quick to point out, is a rarity in the first thirty seconds of a retail store opening.
Finally, items found in the point-of-purchase display areas adjacent to the check-out counters such as candy, gum, snacks, etc., are ineligible. In other words, items must come from stocked store shelves. Beyond that, however, a customer could score big.
The last caveat, however, is the clincher: no one knows what day this sale will occur. "Our store managers and their employees won't know when we are doing it except by a pre-programmed phone call from a regional manager twenty seconds into the sale," Schanover revealed. "So each day until it happens will be an enormously exciting day for customers and employees alike."
K-Mart stock closed down four and a half points on the announcement Monday.
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