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Luxury brands responded by reining in spending, closing unprofitable stores, and offering secondary lines with lower price tags...
...what's the next move for ritzy retailers? Department stores cut new merchandise orders for the upcoming holiday season by at least 20% to bring supply in line with demand, and began pressuring fashion houses to offer lower-priced goods. "They needed to get traffic into their stores," says Milton Pedraza, chief executive of the Luxury Institute...
...merchants contend that if interchange fees are lowered, they would pass on the cost savings to consumers through lower prices for goods - at least that's the theory...
However, Piper Jaffray analyst Robert Napoli says it's merchants - not consumers - who will benefit from lower fees. "To suggest that American consumers could have saved $125 billion is very misleading," he says. "Interchange fees are paid by the merchant, and there have been studies done in Australia that said that consumers have not saved a penny by lowering interchange rates - that the merchants have not reduced prices...
...contends that consumers could actually be hurt by lower fees if banks decide to scrap rewards programs, raise interest rates on credit cards or reinstate annual credit-card fees to offset the lost interchange-fee revenues. (Read "Exposing the Credit-Card Fine Print...