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Too conservative of an approach to inventory means missing lucrative full-price sales and risking shopper disappointment — an opportunity cost that most brands are reluctant to bear, especially if they answer to public shareholders every quarter. More often, retailers overestimate demand, and are stuck with excess goods with no other option than to mark down prices.

“First of all, the approach should be to minimise markdowns as much as possible in matching supply and demand better,” said Cowen analyst Oliver Chen.

The consequences of a product glut can be dire, as not only Gap and Banana Republic but also countless other mall retailers have learned in the past two decades. A constant stream of promotions can cause irrevocable damage to the perception of a brand, effectively conditioning consumers to wait for prices to fall or skip retail altogether and head straight to off-price retailers like Saks Off Fifth or T.J. Maxx (T.K. Maxx in the UK).

In certain European markets, markdowns and promotions are government regulated. Federal policy in France, for instance, limits promotions to two periods in the summer and winter. But in North America, the UK and other parts of the world, fashion companies are left to their own discretion for discounting strategies. They can mark down as much of their assortment as frequently as they’d like, for better or for worse.

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