Word: retailing
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...battered luxury chains. "Saks and Neiman's sales are horrendous. Tiffany was down 27% in U.S. same-store sales last quarter, Bulgari was down 21%, Harry Winston sales were down 49%, and [LVMH Moet Hennessy] Louis Vuitton down 23%," says Howard Davidowitz, chairman of Davidowitz & Associates, a retail consulting and investment banking services firm. "If you look at Madison Avenue, it's a ghost town in terms of store closings. It's an absolute disaster." (Read "How Consumers Shop Differently Today...
...Many used their homes as instant banking machines, tapping home equity loans to snap up clothes, handbags and shoes from the world's most prestigious labels. TV shows, such as Sex and the City, Project Runway and The Rachel Zoe Project added to the hype. (Read "Macy's: The Retail Universe...
Aggrawal doesn't expect luxury retail sales to rebound until late 2010 or 2011 at the earliest. (See The Luxury Index...
...discounting and secondary lines could tarnish a brand's upscale image in the long-term. "You want to avoid the Pierre Cardin catastrophe," says Sanford C. Bernstein & Co. analyst Luca Solca, who was referring to the way Cardin's apparel wound up in bargain basement bins at discount retail stores because there were few checks and balances to control quality, distribution and pricing. (Read "Recession? Not in New Delhi's Luxury Stores...
...report, released Thursday by a coalition of retailers, supermarkets, drugstores and other businesses, found that Americans currently pay about $2 in "interchange" fees for every $100 they spend using credit cards. The fee is actually paid by retailers, though consumers feel it in a higher retail price. This rate is twice that charged in the U.K. and New Zealand, four times the rate levied in Australia and more than six times the cross-border rate charged in the European Union, the study says. (Read a brief history of credit cards...