Last May, the enigmatic graffiti artist Banksy spray-painted a mural on the side of a bargain store in Wood Green, north London.

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Such a commitment can be effective because, whereas the department store can aim its price cuts at bargain-hunters, the discounter cannot offer price cuts to impatient buyers without offering discounts to all its clients.

ECONOMIST: Indiscriminate pricing

There were many bargain tables on the main floor in the Herald Square store.

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Judging from the negative reaction among those who used to enjoy being first in line on midnight of Black Friday to scoop up bargain-priced gifts, this wave of earlier and earlier store opening hours has crossed the line.

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If the department store wants to pinch custom from discount retailers whose low prices attract bargain-hunters, it may hold sales more often.

ECONOMIST: Indiscriminate pricing

Since everyone loves a bargain, why not offer daily coupons or some other inducement to get customers into your store?

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