Definition of mark down

The phrase "mark down" is used to indicate a decrease in the price of a product. The origins of this expression can be traced back to the 19th century, when merchants in England kept records of their transactions using ledgers, which were books with columns. The first column was labeled as "Amount" or "Price," the second as "Mark" or "Market Price," and the third was "Selling Price" or "Sold." At the beginning of the week, the market price of a product was recorded in the "Mark" column, and this price could change due to various factors, such as supply, demand, or competition from other merchants. At the end of the week, the seller would mark down the price of the product to the selling price in the "Sold" column, which was often lower than the market price. This process of lowering the price was referred to as "marking down" or "marking out," as the seller was adjusting or "marking" the selling price down from the original market price. Thus, the term "mark down" has become a common expression in retail today, used by merchants to indicate a price reduction for products that may have excess inventory, have a lower demand, or are approaching their expiration date. The expression reflects the historical significance of keeping records in ledgers, which allowed merchants to monitor and adjust prices based on market conditions.