In 2007, The Supreme Court ruled that designers and manufacturers could fight to control how much a retailer was allowed to discount its goods. On Thursday, the Senate overturned the decision. This essentially means that retailers can charge whatever they want for an item.
In 2008, the economy tanking brought a change to the way manufactures thought of their products. They wanted to get rid of inventory at any costs so the ruling was never really implemented.
In a move that some supporters say will help consumers get the lowest price possible, the new ruling means that retailers and manufactures can only suggest how much to charge for an item instead of demanding that an item meet a certain price point.
To the consumer, this means that the "suggested retail price" is just a suggestion. Though expect more fight from retailers and manufactures over their prices in the future.
Source: fashionista.com; nasdaq.com
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