Word: retailing
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...looming recession and a lack of must-have items in stores, fewer Americans are likely to leave the couch and hit the mall with the same kind of alacrity and determination they have in years past. "Black Friday is going to be a gray Friday," says Marshal Cohen, chief retail analyst at the NPD Group, a market research firm in Port Washington, New York...
...Retailers love to blame the weather for their woes, but it's true that this fall's record-breaking warm temperatures have led to sluggish fall and winter clothing sales. They have been so slow, in fact, that many retailers have already started their holiday price-cutting to get rid of the excess sweaters and coats. Due to tepid results the last two Christmas seasons, Wal-mart is determined to get a jump on sales. They reduced prices on toys in September and then slashed them again on 15,000 additional items in October, a 20% increase over last year...
...number one thing that’s identified as lacking in the Harvard Square retail environment,” Gray said. “There’s no where to grab your cereal or your eggs and bacon...
...upper floors of buildings will be dedicated to office space, which fetches higher rentals, while almost all of the tailoring shops will move to street-level and basement premises on the street's east side, where most of them are already located. The move will free up more retail space for high-end off-the-rack clothing stores in an attempt to make Savile Row more of an exclusive shopping destination. (Many of the tailor shops operate on an appointment basis and aren't set up to attract casual shoppers...
...tailors are optimistic about the planned changes, but they also foresee potential problems. The tailors fear that some of the newly available retail space will be filled by men's outfitters they consider rivals. And despite rent increases, the tailors have historically paid much less than the going retail rates in the neighborhood - Savile Row tailors pay an average of $255 per square foot, while rents on nearby Regent Street are around $820 per square foot. Although the tailors will continue to receive substantial discounts, their rents will almost certainly continue to creep upward. "It will remain survival...