Word: retailing
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Well, if you have to ask, it's because the rich are back to being different. Following a brief, unsatisfying fling with modesty in the early 1990s, they've renewed their lust for luxe and are making upscale stores the brightest spot on the dowdy U.S. retail scene...
This gap shows up dramatically on the selling floor. Isaac Lagnado, publisher of Tactical Retail Monitor, an industry newsletter, estimates that sales of designer items such as $200 Hermes scarves and $1,745 Chanel handbags grew a whopping 18% last year, to $30 billion, while sales of general merchandise--everything from toys to towels to T shirts--rose only 4.5%, to $575 billion. "The low end is tapped out," says Merrill Lynch analyst Peter Caruso. Indeed, credit-card delinquencies are at a 10-year high. And feeble sales growth has forced discounters such as Wal-Mart, K Mart and Toys...
That is not to say that we have never had a problem or disagreement with a customer--such is the reality in every retail business. In fact, there was a disagreement involving Mr. Lat and a $2 late fee for a movie that he rented...
DETROIT STRIKES BACK Chrysler has become the most aggressive U.S. automaker in putting these retailing ideas to work. The company angered many of its dealers by giving CarMax a franchise to sell new Chryslers, Plymouths and Jeep Eagles in Norcross, Georgia, beginning next month. Chrysler is also testing a new-car dealership called MidPark Jeep-Eagle in Dallas, where the fixed-price vehicles carry discounts of $1,800 to $2,000 below the manufacturer's suggested retail price. "People appreciate a low-pressure place that offers a fair price," says MidPark co-owner Jim DeWolfe. That spreading realization could soon...
...oohs and ahs from the audience. Photos of collections are being uploaded into the World Wide Web just hours after shows end (one site is First View: http://www.firstview.com) As a result, cheap knockoff artists can get an even quicker head start on designers in the race to retail stores--a race Paris is already losing. "This cannot continue," declares Marie-Louise de Clermont Tonnerre of Chanel. "We will do everything we must to protect our creations." The houses recently filed a lawsuit to ban uploads and seek jail time for offenders, arguing that footage and photos of their lines...