Word: dollarization
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...long way to go," says Howard Davidowitz, chairman of Davidowitz & Associates Inc., a national retail-consulting firm. "I am not sure, in the current competitive climate, that Lord & Taylor can stand on its own two feet and be a survivor." Davidowitz points to the fact that Baker paid top dollar for a minnow in a sea of powerful retail companies. The store is loaded with debt while seeking to find its niche and customer base. "Baker knows the mall, but he's trying to run a fashion store, and this is day and night," says Davidowitz...
...Having worn every hat from merchandise manager to V.P. of handbags and designer accessories to senior V.P. of stores, she took the reins of the company's e-commerce business in 2000, when flat-screen fashion was designers' biggest phobia. She turned it into a half-billion-dollar branch of the business, with every name in the industry on board. And she has presided over the now 39 Neiman Marcus stores for the past five years, a period when unequaled media attention, including television programs like Sex and the City, has produced a culture more fashion savvy than ever before...
Earlier this year the U.S. Mint issued a silver dollar commemorating the event, and throughout the anniversary's week there will be other observations marking this turning point in U.S. history. But the joy will be somewhat muted, for American schools are still nearly as segregated as they were 50 years ago. Almost three-quarters of African-American students are currently in schools that are more than 50% black and Latino, while the average white student goes to a school that is 80% white, according to a 2001 study by the National Center for Education Statistics. Similarly, a 2003 study...
...laughs at the memory now, but those cramped quarters served as the unlikely launching pad for the investment bank's billion-dollar bet on India. Entwistle's version of sightseeing in Mumbai (formerly Bombay) is a tour of the old Goldman outposts in India's financial hub. First stop, suite 1034 at the Hilton--down the hall from a group of Thai masseuses and rotating airline crews--where Goldman set up shop in late 2005, with Entwistle as employee No. 1. Next, a second temporary home in a worn-down office building abutting a sprawling slum. When rains flooded...
...nearly 2 million. Unemployment stands at roughly 14%. About 47% of the city's residents over age 16 are functionally illiterate. Yet, for much of Kilpatrick's tenure, parts of Detroit have experienced an economic turnaround similar to those that have taken place in Chicago and Washington. Million-dollar lofts are being built along the Detroit River. Homicides are down by 17%, and non-fatal shootings have dropped by 9% in the last year. Kilpatrick sliced the city government's job rolls from about 21,000 to 13,800. He cut property taxes partly to retain what remains...