High end fancy stores such as Saks Fifth Avenue, Bergdorf Goodman, Neiman Marcus and Nordstrom all made money.
But Gap Inc., which owns the Gap, Old Navy and Banana Republic chains, was down 10 Percent.
— Read (or listen!) all about it at The Return Of Luxury Retail at NPR.
Kind of sickmaking if you asked me. What’s all that chatter about the inequality gap again…?
Yah. It is most distressing in many ways to see the economy recovering without anything changing.
It’s actually the low end stores AND the high end stores that are doing well. Low end stores like $0.99 Store, Nordstrom Rack (clearance center), and Ross (a bargain shopper’s plare) are all booming. The upper end stores are doing well…it’s the stores in the middle that are really struggling. I’m ordering up some Prozac because the Border’s right across the street from my place is closing. It will probably become a thrift store.
I feel your pain. Our Border’s is closing, leaving us with nothing in the way of major booksellers but those snot-nosed idiots at Barnes and Noble. Seriously, they need to be repeatedly asked the question “why do I know your store’s stock better than you do?” while being slapped with something…moderately sized. Like the Oxford Unabridged.
We were lucky, we did not lose our Borders. I would have missed them, but admittedly I buy most of my books at Amazon like everybody else.
I read essentially the same thing a few weeks ago. That Le Target and other budget type stores, as well as the high end were doing okay. And that they shared some of the same shoppers. I feel it too. I’d rather buy some (relatively) cheap jeans and tops for work at Macy’s, and then augment them with pricier fragrance and vintage accessories. Why hit the middle for a expensive version of what everyone is wearing?
Borders saddens me on a professional level since they are one of our customers, but I get most of my books through B&N downloads, Abebooks, or I order them through my employer. Buying books is like buying perfume, not an indulgence- but one of life’s necessities. They enhance the mind and the senses. Quite hedonistic
Does the love of both go together?
“Does loving both go together?”
I wouldn’t be surprised if this is so. It seems that fragrance people tend to be an unusually educated, thoughtful bunch!
Reminds me of a Jay Leno joke a while back…
“The economy is so bad. I went to the $0.99 store last night and everyone was ‘just browsing.'”
I think the story makes an interesting point, though, about buying a few nice things and filling in with bargain stuff. When we posted for the damage poll the other day, I was tempted to leave the caveat that while I might have spent a lot on fragrance, I’ve cut back at the grocery store, on electricity, etc. I’ve become choosier about my dollars, and this story implies that I’m not the only one.