Word: boom
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Dates: during 2000-2009
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...life were fair, John "Boom-Boom" Howard and Peter "Put-It-on-Credit" Costello would one day get a monument honoring their services to consumerism, wealth accumulation and fat profits. Perhaps a statue at every shopping mall or a team portrait in real-estate agencies would do the trick. Or maybe the banks could issue platinum credit cards celebrating the Liberal Prime Minister and Treasurer's contribution to the Swipe-It culture. They've had some luck, no doubt, but Howard and Costello have taken taxing and spending to audacious new levels, pushed away the poor's support struts...
...trickle down to the mainstream. In this special issue of TIME, we explore the changing perception of luxury through the eyes of those who define it as well as those who buy it. Today, despite the general state of unrest in the world, the global luxury-goods business is booming--up 27.7% in the U.S. and 56.2% in Hong Kong in the first five months of this year. Although it's hard to predict how long the boom will last, most analysts agree that where the stock market goes, so goes luxury spending. As Neiman Marcus president and CEO Karen...
...facade of the Sahara Mall in Gurgaon, a thriving township southwest of New Delhi, looks like a perfect emblem of the new India. Emblazoned with logos of clothing stores, gift shops and fast-food restaurants, the mall's glistening exterior seems to capture the exuberance of India's economic boom. Inside, however, except for a busy restaurant and supermarket, business is sluggish, and many shops are slathered with signs proclaiming SALE. "The customer response has been far below our expectations," says Atul Kaushal, owner of Threads & Toes Mart, a shop that sells jeans and shoes. "Many people come...
...real estate developers are in a frenzy: up to 600 malls are likely to be up and running in India by the end of 2009?up from 20 malls this year?according to KSA Technopak, a New Delhi-based consulting firm. The capital is the epicenter of the boom, with as many as 100 malls?some estimates put the number at 150?planned for New Delhi and its vicinity in the next three years. There's only one hitch: many of these malls will struggle to make money...
...Sitting in the food court on the top floor of the Mega Mall, the latest shopping emporium to open in Gurgaon, with Domino's Pizza and Subway close at hand, it's easy to imagine you're in a city like New York or Sydney. Yet India's mall boom is premature for the country's level of economic development, says Bakshi, "Incomes in India have grown, no doubt, but we need to grow much faster?at 10% for five or six years, like China?before we can support all these malls." For shop owner Varadharajan, that much economic growth...