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Clearance Pricing in Retail Chains

In: Retail Supply Chain Management

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  • Stephen A. Smith

    (Santa Clara University)

Abstract

Clearance pricing and end of season inventory management are challenging and important problems in retailing. Sales rates depend upon price, seasonal effects and the remaining assortment of items available to customers. There is little time to react to observed sales, and pricing errors result in either loss of potential revenue or excess inventory to be liquidated. This chapter develops optimal clearance prices and inventory management policies that take into account the impact of reduced assortment and seasonal changes on sales rates. Versions of these policies have been implemented and tested at a number of major retail chains and these results are summarized and discussed.

Suggested Citation

  • Stephen A. Smith, 2015. "Clearance Pricing in Retail Chains," International Series in Operations Research & Management Science, in: Narendra Agrawal & Stephen A. Smith (ed.), Retail Supply Chain Management, edition 2, chapter 0, pages 387-408, Springer.
    • Handle: RePEc:spr:isochp:978-1-4899-7562-1_14
    DOI: 10.1007/978-1-4899-7562-1_14
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    Cited by:

    1. Stephen A. Smith & Narendra Agrawal, 2017. "Optimal Markdown Pricing and Inventory Allocation for Retail Chains with Inventory Dependent Demand," Manufacturing & Service Operations Management, INFORMS, vol. 19(2), pages 290-304, May.

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